THE SPEED OF THE ORANGE COUNTY HOUSING MARKET DEPENDS ON PRICE, LOCATION, AND WHETHER A PROPERTY IS ATTACHED OR DETACHED.
THE EXPECTED MARKET TIME RANGES FROM 41 DAYS AT ITS FASTEST TO 297 DAYS AT ITS SLOWEST, DEPENDING ON THE PRICE RANGE.
For anyone who travels, there are days when the airport TSA lines stretch a mile through a maze of rope dividers. Before arriving at the airport, almost everyone grows anxious, anticipating how long it will take to get through security. When the lines wrap around the airport, the anxiety grows. There is more than one line, and some lines are moving much quicker than others. General screening is by far the slowest, with the longest lines and the most patience required. The TSA PreCheck line moves a bit faster, has a much shorter line, and does not require travelers to remove their electronic devices from their bags. It is reserved for travelers who have paid for the service and have had a background check. And now there is an even faster lane, TSA PreCheck Touchless ID, that allows passengers to use facial recognition technology instead of showing a physical ID. The travelers who move through the touchless line seemingly walk through security. TSA anxiety depends on which line a traveler can use.
Similarly, before a seller places their home on the market, almost every homeowner grows anxious, wondering how long it will take to sell. Some price ranges are faster than others. There is a considerable difference in the type of home, detached or attached. A seller’s anxiety depends on the price range and the property type.
A detached home that pops on the market priced at $850,000 will receive plenty of attention and has the best shot in Orange County to fly off the market with multiple offers. With the important caveat that it is not only in great condition but is priced appropriately. Yet a condominium priced at $450,000 takes twice as long as that detached $850,000 home and does not garner the same level of fanfare.
There is a wide spectrum of speeds across the Orange County housing market. It is not one-size-fits-all. The Expected Market Time (the number of days it takes to sell all listings at the current buying pace) for the county, both detached and attached combined, is 80 days. Of course, the market is much hotter in lower price ranges, but the higher the price range, the longer it takes to sell a home. The Expected Market Time is the true “speed” of the market. The speed depends on a home’s price point.
Joy Lee
949.290.4903
joy@heyjoylee.com
DRE# 02102122