Notice to Orange County house hunters: Forget low-balling!
Reports On Housing says Orange County homesellers got 97.3 percent of their listing price in December for existing homes and condos with an average sale price of $821,299. Closed sales totaled 2,474, down just two residences in a year. Back in June, homesellers got 97.7 percent of what they asked for.
In nine local markets tracked by Reports On Housing, sellers practically got everything they wanted – 99 percent or more of their asking price, on average for December. (See chart.)
• Costa Mesa: Home sellers got the most of their listing price, 99.6 percent of a $759,601 average sales price. Sales totaled 62, down 9 percent in a year.
• Anaheim: 99.4 percent of list price with $478,404 average sales price. Sales were 131, up 16 percent in a year.
• Brea: 99.3 percent of list price with $664,796 average sales price. Sales were 55, up 41 percent in a year.
• Westminster: 99.3 percent of list price with $582,610 average sales price. Sales were 46, down 6 percent in a year.
• Foothill Ranch: 99.1 percent of list price with $619,295 average sales price. Sales were 17, up 55 percent in a year.
• Placentia: 99.1 percent of list price with $569,840 average sales price. Sales were 42, up 14 percent in a year.
• Cypress: 99.1 percent of list price with $634,806 average sales price. Sales were 28, down 33 percent in a year.
• Buena Park: 99 percent of list price with $546,980 average sales price. Sales were 51, up 16 percent in a year.
• La Palma: 99 percent of list price with $681,667 average sales price. Sales were 3, down 73 percent in a year.
The biggest discounts were found in Newport Coast, where homesellers got 88.7 percent of their listing price. But even with a $4 million average price, 24 homes sold, up 33 percent in a year.
As you see, sellers of lower-priced homes don’t have to bargain much vs. pricier residences, principally due to a low supply of these “affordable” residences for sale.
Reports On Housing says homes listed under $500,000 sold at 98.5 percent of list price; $500,000 to $750,000 at 98.7 percent of list; $750,001 to $1 million at 98.1 percent of list; but when the price was above $1 million, owners got just 93.5 percent of list price.
It’s more evidence of just how hard and quick bargain hunters must work to land an “affordable” Orange County home.
Ponder that Reports On Housing estimates that as of Jan. 26, existing homes for sale typically went from being listed to entering escrow in 67 days. That’s roughly a week quicker than the 75-day pace of a year earlier and 78 days in early 2015.
Contact the writer: jlansner@scng.com
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