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. In recent quarters past, analysts such as the National Association of Realtors® were surprised by the region's steady increases in home sales, even as markets throughout the nation and state witnessed declines. However, since mid-2007, Orange County home sales were also experiencing a decline in price as buyers wait on the sidelines. Many homes going into foreclosure and bank owned homes have set the new price levels. Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by late 2008, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
While demand for Orange County real estate has softened, with little to no increases and most areas with lower prices for the latest terms, total sales were rising annually by 5 per cent or more throughout the county until 2007. 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. Prior to this year, this helped push up average sales prices for Orange County homes, and promoted a longer selling period for many local listings.
Orange County Coastal Real Estate Market Trend information is detailed on the Monthly Market Trend Graphs by city.
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Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.” Let’s take a look at the sales statistics for Orange County in March 2008 to see if the how the spring market is shaping up: March 2008 figures for Dana Point show the number of new listings decreased 18 percent compared to 2007. Home sales decreased by 21 percent during the same time period, while market times increased to 114 days or 18 percent. The average sales price decreased 6 percent to $949,829.
Dana New Sold Average Average March 2008 68 27 $949,829 114 March 2007 83 34 $1,006,617 97Market Update for Orange County Coastal Homes
March 2008 report
Point
Listings
Listings
Sales price
DOM
New listings in Laguna Beach decreased 25 percent in March and the number of homes that sold decreased by 37 percent. Market times increased 23 percent and the average sales price increased 11 percent to $2,175,657.
|
Laguna |
New |
Sold |
Average |
Average |
|
March 2008 |
73 |
19 |
$2,175,657 |
111 |
|
March 2007 |
97 |
30 |
$1.955,329 |
90 |
Laguna Niguel reported a 27 percent decrease in new listings in March compared to a year earlier. Market times decreased by 12 percent as the number of homes sold dropped 47 percent. The average sales price in Laguna Niguel declined by 7 percent to $860,282.
|
Laguna |
New |
Sold |
Average |
Average |
|
March 2008 |
153 |
40 |
$860,282 |
72 |
|
March 2007 |
211 |
76 |
$798,496 |
82 |
Mission Viejo's average sales price decreased 24 percent to $536,878, while sales decreased by 63 percent and market times increased 4 percent. The number of new listings decreased by 69 percent.
|
Mission |
New |
Sold |
Average |
Average |
|
March 2008 |
133 |
66 |
$536,878 |
80 |
|
March 2007 |
375 |
176 |
$702,996 |
77 |
The San Clemente average sales price dropped 17 percent compared to March 2007, bringing the average price to $835,453. The number of new listings decreased 10 percent, while sales decreased 32 percent. Meanwhile, the average market time increased 39 percent, with average market times of 109 days vs. 81 days in 2007.
|
San |
New |
Sold |
Average |
Average |
|
March 2008 |
165 |
45 |
$835,453 |
109 |
|
March 2007 |
184 |
66 |
$1,002,317 |
81 |
San Juan Capistrano's average sales price decreased 21 percent, bringing the average price to $686,517. The number of new listings decreased by 4 percent, while market times increased 43 days or 54 percent. Sales decreased 23 percent.
|
San Juan |
New |
Sold |
Average |
Average |
|
March 2008 |
90 |
23 |
$686,517 |
123 |
|
March 2007 |
94 |
30 |
$865,933 |
80 |
One of the strongest indicators that the market is beginning to stabilize is the decrease of new homes on the market across the board.
If you want to learn more about Orange County real estate, please contact us at 949-285-3739 or visit GuideToLocalRealEstate.com. To begin searching for Orange County homes, please use our complimentary MLS search.
All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.
If you are planning to buy or sell a home in 2008, or if you want to learn more about Orange County real estate please contact us at 949-285-3739, or you can email us here
Interested in knowing the current market value of your home? Simply visit EmailHouseValue.info. Your market valuation will 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.
- February 2008 Real Estate Market Update
- October 2007 Real Estate Market Update
- May 2007 Real Estate Market Update
- March 2007 Real Estate Market Update
- February 2007 Real Estate Market Update
- January 2007 Real Estate Market Update
- December 2006 Real Estate Market Update
- November 2006 Real Estate Market Update
- October 2006 Real Estate Market Update
- October 2007 Real Estate Market Update
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.