Selling a home in Orange County? It may sit on the market longer than expected in mid-2019. (Shutterstock Photo)
MISSION VIEJO, CA — Homes are sitting on the market longer in 2019, according to the experts at CoreLogic. Recent stats show that for the first time since the recession, Orange County is seeing the lowest countywide sales in the "third slowest first quarter" since 1988.
The reduced sales, 415 fewer sales than the first quarter, show that decline of 31-percent over the previous year.
Home sales trends for Orange County, compiled by CoreLogic, show that the median selling price reduced to $710,000, and a decline in the sale of homes across the board over the past 12 months. A total of 6,211 homes have sold in the county compared to the year before, where 7,804 homes sold, the Orange County Register reports.
In Mission Viejo’s 92691 zip code, the median home price has risen 3.8-percent to $675,000 though the number of houses sold has declined by 55 homes sold. From 158 in the past 12 months to 103 homes sold.
165 homes were for saleMedian priced Mission Viejo Home available for $675,000.
Elsewhere, in the 92692 zip code, the median selling price in Mission Viejo is down 6.6-percent to $670,000. In the past 12 months, 115 homes have sold in that zip code.
In Lake Forest, the median home prices dropped 12.6-percent to $670,000. Over the past year, 113 fewer homes have sold in Lake Forest than the year before, with a total of 147 homes sold.
In Rancho Santa Margarita, home prices have dropped to a median price of $592,000, down 2.1-percent. Over the past year, 136 homes have sold, down 21 houses from the year before.
In Ladera Ranch and Rancho Mission Viejo, the median home selling price is up to $765,000 over the past year. There were 85 fewer homes sold in these areas than the year before, with 196 homes sold.
In San Juan Capistrano, the median selling price is down to $732,500 over the past 12 months. A total of 60 fewer homes have sold from the previous year, with 80 homes sold in the past year.
Resale of single-family homes is down 17.2% over the past year and the median resale value across the county averages to $760,000.
New home sales have declined, though the median new home price averages $1,017,500, up over 15-percent in the past year.
According to the Orange County Register’s "Bubble Watch," this is "the slowest late winter for home buying since the last bubble burst.
The housing market looks to be warming up in the second quarter, so hang on to see which one it will be. There’s still no greater place to live than southern California.