Corona del Mar - Little Corona

Orange County Real Estate News, Events & More!


OC Real Estate Update

versus one year ago

as of November 2017

 

Home Prices
Resale Homes +5.4%, Resale Condos +6.8% and New Home Sales -7.0%
All totaled, OC home values are up +5.0% versus last year
Median OC home price is $695,000 up versus one year ago
$1,000,000 plus homes represent 44.6% of all OC listings

Sales Volume
Resale Homes -4.8%, Resale Condos -7.1% and New Home Sales +1.9%
All totaled, OC sales volume is up -4.5 versus last year
Home sales volume is 3,247 up slightly versus one year ago
Inventory is at 4,323 down from 4,878 just one month ago (not good)
OC Average days on market; 61 days (still a seller’s market)

Interest Rates
30-year fixed Mortgage rate is currently 3.94%, up versus one week ago
15-year fixed rate is 3.36%, up versus one week ago
Average Home Payment is $3,134.24 up versus one year ago
ARM’s represent 17.2% of all mortgages, up from 11.8 versus last year
Cash-out refinances from 11/2016 to 1/2017 were up 52% year over year
HELOC’s are up 14.1% from January 2016

Facts
The average median price for a SoCal home is $495,000
The average median price for a LA home is $565,000
The average median price for a Ventura home is $547,000
The average median price for a SD home is $529,750
OC property owners will incur a 2% increase on their tax bill this year
OC Home ownership is 57.8%
First time homebuyers are now 30% nationwide

 

 

The numbers and calculations contained herein are believed to be from a reliable source, but not guaranteed to be 100% accurate.