OC Real Estate market slowing dramatically (Los Angeles, Riverside: for sale, renters, condos)

[LuvSouthOC]

Sale prices don't seem to be coming down yet, but time on the market seems to have increased an awful lot.

1. Countywide sales of all residences: 2,890 closed purchases — down 7 percent in a year compared with the six-county region where sales fell 7.5 percent. The countywide median selling price was $720,000 — up 3.9 percent in 12 months vs. Southern California pricing rising 6.1 percent.

2. New homes: 408 sold, down 2.4 percent vs. regionally where sales fell 0.5 percent. Median sales price? $1,077,500 — up 20.8 percent in 12 months vs. Southern California pricing rising 5.9 percent.

3. Existing single-family houses: 1,695 sold, down 10.6 percent vs. regionally where sales fell 8.3 percent. Median? $765,000 — up 2 percent vs. Southern California pricing rising 4.9 percent.

4. Existing condos: 787 sold, down 0.6 percent vs. regionally where sales fell 7.6 percent. Median? $510,000 — up 9.7 percent in 12 months vs. Southern California pricing rising 6.9 percent.

5. Vs. Southern California: Orange County home prices ranked highest of the six countries tracked by CoreLogic while transaction counts ranked No. 4 with 15 percent of all homes sold in the region.

6. Supply: 6,820 active listings of existing homes, up 2,497 residences for sale in a year or 58 percent; and up 37 percent vs. 6-year average.

7. Demand: 1,654 new escrows opened for existing homes in past 30 days, down 428 sales contracts in 12 months or 21 percent; and down 23 percent vs. previous six years.

8. Market time: ReportOnHousing’s selling speed metric estimates 124 days to escrow vs. 62 a year earlier and an average 77 days in 2012-2017.

9. Success rate: By comparing current escrow pace count to listings 14 weeks earlier, 24.5 percent of listings got into escrow vs. 35.5 percent a year earlier and an average 30.8 percent over six years.

10. Listings elsewhere in Southern California: Los Angeles County (49 more days to sell in a year to 107 days; supply up 48 percent); Riverside County (49 more days to 145 days; supply up 25 percent); and San Bernardino County (49 more days to 123 days; supply up 63 percent).


https://www.ocregister.com/2018/12/1...ousing-market/

[Electrician4you]

I wouldn’t start panicking. It’s December. Going into the holidays the market is known to slow

[WizardOfRadical]

Crash is happening. It is hitting the Dallas metro first. Prime Markets are the last to decline and the first to bounce back.

[ysr_racer]

Originally Posted by Electrician4you

I wouldn’t start panicking. It’s December. Going into the holidays the market is known to slow

Agreed, it's a normal thing.

[Des-Lab]

Originally Posted by WizardOfRadical

Crash is happening.

Have any verifiable, concrete data to back that with or is it just more of the same tired wishful thinking, mental masturbation that priced out renters can't get enough of?

[brown_dog_us]

Originally Posted by Electrician4you

I wouldn’t start panicking. It’s December. Going into the holidays the market is known to slow

The data listed above is before December. Also, the data is mostly comparisons to the market at the same time last year.

Things have definitely slowed down. It could rebound in the Spring market, but with rising rates and the tax changes it might not.

[Electrician4you]

Originally Posted by brown_dog_us

The data listed above is before December. Also, the data is mostly comparisons to the market at the same time last year.

Things have definitely slowed down. It could rebound in the Spring market, but with rising rates and the tax changes it might not.

Even so after summer slowdowns occur. The rising rates may put a damper on the prices but people will eventually need to sell so they will realize that they need to drop the price to sell. Still doesn’t mean it’s a crash. And let’s say if it is so what? People are still going to need a roof over their heads. Not everyone is gonna walk away because prices dropped.

[brown_dog_us]

Originally Posted by Electrician4you

Even so after summer slowdowns occur. The rising rates may put a damper on the prices but people will eventually need to sell so they will realize that they need to drop the price to sell. Still doesn’t mean it’s a crash. And let’s say if it is so what? People are still going to need a roof over their heads. Not everyone is gonna walk away because prices dropped.

I don't see a crash unless there is something big on a national level. Prices are down in Seattle 11% though. Maybe that is the canary in the coal mine. Maybe it's just local.

As rates rise it'll be harder for buyers, but sellers will be motivated to stay and enjoy their lower rate. My spouse is considering a transfer, and the increase in the mortgage is a factor.

In OC I see a few flippers struggling to unload properties. They generally have to sell. Maybe next year will be a good time to buy a fixer.

[NewbieHere]

This is what I noticed in my neighborhood, slow Sale but still hold the price or higher.

[expatCA]

Originally Posted by brown_dog_us

I don't see a crash unless there is something big on a national level. Prices are down in Seattle 11% though. Maybe that is the canary in the coal mine. Maybe it's just local.

As rates rise it'll be harder for buyers, but sellers will be motivated to stay and enjoy their lower rate. My spouse is considering a transfer, and the increase in the mortgage is a factor.

In OC I see a few flippers struggling to unload properties. They generally have to sell. Maybe next year will be a good time to buy a fixer.

Maybe fewer buyers who can afford to buy or even fewer wanting to move to CA? The prices did not go down, it just took longer to find a buyer. Sounds like fewer buyers now. That can be due to pricing or simply not enough people with the money to buy and fewer wanting to sell. If the number buying and selling both go down, the market numbers go down, but prices do not.