As Good As Gold ~ Homes Under $1 Million at the Orange County Housing Market

Orange County Homes at under $1 million are selling fast and for asking prices ~ “as good as gold” in this housing market.

Orange County Housing Market, 10-20-09, Resale Homes Listed Between $500k and $1 Million

70% of the homes now active for sale on the Orange County market are listed for under $1M.   This price range is selling fast, with average market time of less than 2 months, and for average of 99% of list price.   Buyers are getting an average of only 1% reduction off the list price. 

Orange County Housing Market, 10-20-09, Homes With Asking Prices Under $500k

Resale Orange County Homes Priced Under $500K are the brightest ~ AS GOOD AS GOLD ~ Homes are selling very quickly for an average of 100% of list asking price.

Buyer Demand for homes at Orange County is high, and inventory of homes for sale is very low.   Investor and Buyer Demand is not just for distressed clunker properties, which are typically priced under market.   Half of OC homes now in escrow are regular sales where the owner has equity.  

Orange County homes priced in range above $1 million represent 30% of the homes now active for sale, but only 6% of buyer demand.  Average market time at this range is 10+ months.  Homes in this range are selling for average of 92% of list price, but only 85% of original list price. 

Orange County Housing Market, 10-20-09, Resale Homes With Asking Prices Over $1 Million

Serious sellers in range over $1 million should list price their property based upon comps of homes sold at their GEO area during the last 90 days.  It’s a buyers market at this range, and buyers have the negotiating power.

What this means ~

• Orange County resale homes priced under $1M are AS GOOD AS GOLD … mostly selling like hotcakes.   Advantage to sellers.
• The small percentage of Orange County homes that don’t sell in this range are either overpriced, poor condition, bad location, or a combination of negatives.  Advantage to nobody. 
• For Orange County homes priced over $1M, the market is so slow that even a great price, condition and location still might show lengthy market time.   Advantage to buyers.   

Orange County Homes at under $1 million are selling fast and for asking prices ~ “as good as gold” in this housing market.

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Christi Long, Realtor, Explore Group, Coldwell Banker Previews, Irvine, CA.  – CA DRE 01438859 – email – ExploreProperties@gmail.com.

Source of some information:  Steven Thomas