Interested in what the Orange County real estate market looks like? Well, for starters, things are looking up. If you were waiting around, hoping to snatch a steal from the brink of foreclosure, it looks like you waited too long. The banks have started to handle distressed properties in Orange County (foreclosures and short sales) at a slow but steady pace. In other words, the distressed home inventory has not been this low since June 2007. In Orange County, just 15% of the total active inventory and 39% of demand are short sales and foreclosures. This is a huge drop from last year, when distressed properties represented 34% of the inventory and 51% of demand.
Here’s a glimpse into Orange County’s current real estate market:
| All O.C. | Distressed | All | Pct. Distress |
|---|---|---|---|
| Total | 721 | 4,886 | 14.8% |
| By type of distress | Pendings | Listed | Time (months) |
| O.C. foreclosures | 209 | 158 | 0.76 |
| O.C. short sales | 1,130 | 563 | 0.50 |
| By home type | Distressed | All | Pct. Distress |
| Attached homes | 305 | 1,504 | 20.3% |
| Detached | 406 | 3,363 | 12.1% |
| By price slice | Distressed | All | Pct. Distress |
| O.C. $ 0-$ 250k | 140 | 572 | 24.5% |
| O.C. $ 250-$ 500k | 333 | 1,148 | 29.0% |
| O.C. $ 500k-$ 750k | 147 | 1,081 | 13.6% |
| O.C. $ 750k-$ 1m | 44 | 653 | 6.7% |
| O.C. $ 1m-$ 1.5m | 33 | 502 | 6.6% |
| O.C. $ 1.5m-$ 2m | 5 | 287 | 1.7% |
| O.C. $ 2m-4m | 9 | 436 | 2.1% |
| O.C. $ 4m+ | 2 | 244 | 0.8% |
| By city/High share | Distressed | All | Pct. Distress |
| La Palma | 7 | 9 | 77.8% |
| Portola Hills | 2 | 4 | 50.0% |
| Rancho Santa Marg. | 18 | 47 | 38.3% |
| By city/Low share | Distressed | All | Pct. Distress |
| Dove Canyon | 0 | 10 | 0.0% |
| Seal Beach | 1 | 219 | 0.5% |
| Corona Del Mar | 2 | 103 | 1.9% |
An experienced Orange County realtor like Cheryl Marquis knows the market and can still find you a great deal. Interested in buying or selling your Orange County home? Call Cheryl today.
For more Orange County real estate news and happenings, follow Cheryl on Twitter @CherylSellsOC or check her on Facebook at CherylSellsOrangeCounty.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.
