The sun has set on 2016 and as we look to 2017, you might be wondering how did the Orange County, California Real Estate Market perform overall? Throughout the year we heard in the media, prices were up, it's a sellers market, buyer demand is strong and the good news continued.. But what did all that really mean when you look at the numbers? Below is a review from the Orange County Association of Realtors at how all the numbers shook out in 2016. We will split this out into two segments: Detached homes and Attached homes:
We highlighted some key points, but let's further explain.
- Median Sales Price in Orange County, California for a Single Family Detached Home was $740k and that was up 5% from 2015. The Average price was near a $1m. Leaving a real need for Single Family homes priced below that median of $740k. Opportunity is knocking for homeowners in this price range.
- Sales Volume in 2016 was almost identical from 2015 with a slight increase of 278 homes.
- Days on the market: The average days on the market to sell a single family detached residence was 66 in 2016.
- Year end Inventory was down 6% from 2015 and the lowest since 2013 with only 3738 homes available.
Looking at attached homes i.e. Condo/Townhomes, below are the highlights:
- Median price of a Attached home in Orange County in 2016 was just about $442k and was up 6.4% from 2016. The Average price was approximately $510k.
- Sales Volume rose in 2016 from 2015 by 3.3%.
- Average days it took to sell an attached home in 2016 was 60 days.
- Year End Inventory was just 1843 homes at the end of 2016, which was down 12% from 2015. 2017 started of with less then 2 months of available homes.. Opportunity is knocking and knocking for homeowners of condos and townhomes.
So what does this mean for 2017. I am not an economist but looking at the low inventory, high demand, I see a real need and opportunity for homeowners and buyers in the $400,000-700,000 range. Of course, demand is strong in all areas, but the demand for homes priced under the median opens a lot doors in the market for move up sellers/buyers. Leaving open space for first time buyers to come into the market which has been down in recent years.
We will see how the year progresses but in my little neck of the woods in Orange County, we currently have listed 1 townhome and during open house this weekend we had over 35 people come through.
If you are considering a move in 2017, now is a great time to take advantage of the low inventory. The holidays are over, the election is behind us, interest rates are still historically low and though the OC is seeing more rain then we have in years (that's a good thing) home sales don't stop due to the weather. Buyer demand is very strong and 2017 looks to be a productive year. Of course if we can help you Buy, Sell, Invest or answer any of your real estate questions, we are just a phone call away!
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Information reposted from our blog: Kelly Turbeville Real Estate Possibilities in South Orange