By Ken McCord
For all you stat lovers out there, here are the latest numbers for the Orange County real estate market. Year-to-year stats (2017 vs. 2016) show time on market is down to 50 days.
The median home price increased over 5 percent, to $740,000, and unsold inventory is down to a four-month supply. This shows we are still in a sellers’ market and that it’s not a bad time to sell.
Worth repeating, the median price for OC homes is nearly three-quarters of a million dollars! We have come a long way these last few years.
Median price: The price point at which half of homes sold for more, and half sold for less.
Home sales: Number of units of existing single-family home sold.
Unsold inventory index: Number of months it would take to deplete the remaining inventory at the end of a month, with the sales rate of the month in consideration. Inventory includes listings with “active,” “pending,” and “contingent” (when available) statuses.
Median time on market: Number of days properties stay on the market before escrow opens. This measure is the midpoint at which half of homes sold stay on the market longer, and the other half stay on the market for a shorter period of time.
MTM: Month-to-month percent change when compared to the previous month.
YTD: The percent change of the cumulative year-to-date sales to the same period of the previous year.
YTY: Year-to-year percent change when compared to the same month of the previous year.
*All sales statistics were calculated based on sample data collected from over 90 local associations of Realtors® and MLS’s throughout California.
The OC market is pretty darn good!