Knowing the Numbers
Many buyers approach the market today without a proper roadmap. They rely on how they think today’s market should unfold without really knowing the facts. To help navigate the Orange County housing market effectively, they should carefully consider the best, most revealing roadmap: current data and statistics.
In July, 61% of all Orange County closed sales sold below their original list price, the highest level since February 2023.
A revealing 55% of all closed sales sold below their last list price (the final list price of a home when it became a pending sale). The median number of days on the market was 32 days. The median sales-to-last-list price ratio was 97.2%, indicating a sale 2.8% below the last list price. The median amount shaved off the asking price was $32,000.
Not all homes sell below asking. 12.9% sold at the original list price, with a median time on the market of just eight days. Meanwhile, 25.9% sold above the original list price, also with a median of eight days on the market. The median premium above asking was $30,000.
It’s worth noting: just because prices have softened or flattened, this is not 2008. Lending standards remain in place, and many homeowners retain over 50% equity.
Many are asking, “How in the world are that many homes selling above the asking price in today’s sluggish market?” It is a great question. Many homes that come on the market almost immediately become a pending sale. Homes that are priced right, in excellent condition, nicely upgraded, in turn-key condition, ready for an immediate move-in, and have a good location do not last long and acquire the most attention.
(For the full Orange County Housing Report by my friend and economist, Steven Thomas, Let's Connect.)
To receive the full Orange County Housing Report by economist, Steven Thomas, Call or text 949.481.0073 or Connect Here.
