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Orange County Real Estate Market Trends

California's second most populous county, and one of the state's economic centers, Orange County is home to an active real estate market even during slow economic periods. Many onlookers expect Orange County sales to stabilize again as residential areas here reach development capacity, which will likely have a positive effect on demand.

As a bastion of wealth for California, Orange County is home to many affluent sellers who are in no rush to move their property without finding a buyer willing to pay what they consider full market value.

Orange County Coastal Real Estate Market Trend information is detailed on the Monthly Market Trend Graphs.

Get this week's Local Market Conditions, Real-Time Market Snapshot Analysis by visiting Current MLS Market Snapshot.

Market Update for Orange County Coastal Homes
October 2009 report

The month of August began cautiously with mixed economic news, but by the end of the month, the outlook for September housing was greatly improved. The Bureau of Labor Statistics reported that job losses were continuing, but at a slower pace.

Housing continued to improve, largely driven by the first-time home buyer tax credit. The National Association of REALTORS reported that July existing home sales jumped 7.2 % — the largest monthly sales gain since 1999 and the fourth consecutive month of growth. If the current rate of improvement in existing homes remains at a steady pace, from 9.8 months on hand in June to 9.4 months on hand in July, the existing housing market could be balanced(on a national basis) in approximately eight months.

On August 20, the Mortgage Bankers Association announced that mortgage applications were also up, as interest rates crept down to a five-week low, with purchase applications up for the third consecutive week. Among the reasons cited were the success of the first-time home buyer tax credit and price-to-income ratios falling below historical trends.

Momentum in housing sales should continue, spurred by the end of first-time home buyer tax credits on November 30, 2009. With new banking and appraisal rules adding time to the typical closing process, first-time home buyers should open escrow by the end of September if they hope to close on time and qualify for these credits.

Orange County is experiencing a seller's market in affordable homes priced below $899K. Only homes priced above $900K are selling more slowly at nearly 13 months of inventory on hand, but that is far from the highest inventory in luxury homes in Southern California.

View more detailed market information and comprehensive market reports by specific city at
Orange County Real-Time Real Estate updates.

Orange County City Market Trends

September 2009 figures for Dana Point show the number of new listings decreased to 50 compared to 76 in 2008. Home sales decreased 24 percent, while market times decreased 24 percent. The average sales price decreased about 24 percent to $734,876.

Dana Point	New Listings	Sold Listings	Average Sales price	Average DOM
Sept 2009	50	32	$734,876	89
Sept 2008	76	38	$966,340	109

New listings in Laguna Beach decreased 25 percent in September and the number of homes sold increased by 200 percent. Market times increased 143 percent and the average sales price decreased 7 percent to $1,401,870.

Laguna Beach	New Listings	Sold Listings	Average Sales Price	Average DOM
Sept 2009	54	32	$1,401,870	124
Sept 2008	72	16	$1,512,228	87

Laguna Niguel reported a slight decrease in new listings in September 2009 compared to a year earlier. Market times decreased 35 percent, as the number of homes sold increased by over 40 percent. The average sales price in Laguna Niguel declined by 5 percent to $613,457.

Laguna Niguel	New Listings	Sold Listings	Average Sales Price	Average DOM
Sept 2009	113	74	$613,457	62
Sept 2008	121	51	$739,426	97

Mission Viejo's average sales price decreased 13 percent to $468,417, while sales increased by 15 percent as market times decreased 20 percent. The number of new listings increased by 15 percent.

Mission Viejo	New Listings	Sold Listings	Average Sales Price	Average DOM
Sept 2009	145	102	$468,417	63
Sept 2008	126	94	$538,496	80

The San Clemente average sales price decreased 8 percent compared to September 2008, bringing the average price to $690,907. The number of new listings increased 11 percent, while sales increased 135 percent. Meanwhile, the average market time increased to 101 days vs. 82 days in September 2008.

San Clemente	New Listings	Sold Listings	Average Sales Price	Average DOM
Sept 2009	119	65	$690,907	101
Sept 2008	107	48	$754,718	82

San Juan Capistrano's average sales price increased 27 percent, bringing the average price to $721,895. The number of new listings dropped 18 percent, while market times increased 8 days or 8 percent. Home sales decreased by almost half to 24.

San Juan Capistrano	New Listings	Sold Listings	Average Sales Price	Average DOM
Sept 2009	59	24	$721,895	101
Sept 2008	70	44	$568,627	93

All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.

Increased sales in the above communities may be a positive sign for the South Orange County market as home buyers respond to increased affordability, more moderate prices and low interest rates. To begin searching for Orange County homes, please use our Orange County MLS search.

If you are planning to buy or sell a home, or if you want to learn more about Orange County real estate please contact us at 949-481-3739, or you can email us here.

Wondering what the current value of your home is in today's market? Visit Home Market Evaluation to request a detailed Comparative Market Analysis (CMA) for your home to be emailed to you.

Are you thinking of buying a home? You can get a daily email list of new homes for sale as they hit the market by visiting EmailHome.info It is fast, easy and FREE!

Or, you can search for homes on your own, anytime you want, by Aerial Maps at Orange County MLS Map Search.

Visit Orange County MLS Property Search to view the latest properties for sale or to receive email notification of homes that match your search criteria as they hit the market.

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