Orange County Real Estate Market Update

Based on Emerging Trends in Real Estate 2017 survey performed by PwC, Orange County is ranked No. 8 for overall real estate prospects among 78 markets included in the survey. 

Orange County’s diverse economy is built on financial services, technology, and tourism. The financial services and technology industries are supporting high- and middle-wage job growth. The strong job growth is pushing up personal income. The higher incomes are helping spur activity in the housing market.

Orange County is also viewed as an affordable tech location when compared with other California tech centers. The combination of a research university, access to venture capital, and a trained workforce is driving the creation of startups in software, medical device, and biotechnology firms. 

The Orange County market is benefiting from access to the ports of Los Angeles and Long Beach. The import/export business has resulted in the industrial market hitting historically low vacancy rates and driven rent growth back to pre-Great Recession rates. With new development locations limited, Orange County could be one of the first markets in the United States to develop multistory industrial, although a number of regulatory and zoning hurdles will need to be cleared before this can happen.

OC home prices and sales

Four weeks from 2/8 to 3/8 ‘19

(Data from OC Register)

City

ZIP

Median

Sales Price

Change

from '18

Sales

Volume

Change

from '18

Aliso Viejo 92656 $549,000 -3.1% 59 -1.7%
Anaheim 92805 $587,500 7.3% 32 6.7%
Brea 92821 $660,000 -1.3% 27 -27%
Buena Park 90621 $525,000 1.5% 25 38.9%
Corona del Mar 92625 $2,975,000 28.9% 15 -25%
Costa Mesa 92627 $780,000 -17.9% 50 -2%
Dana Point 92624 $960,000 2.4% 7 -36.4%
Foothill Ranch 92610 $675,000 18.4% 20 33.3%
Garden Grove 92845 $639,000 -3.2% 14 7.7%
Irvine 92602 $1,414,000 32.5% 52 85.7%
Irvine 92618 $989000 20.2% 78 -48%
MissionViejo 92692 $622,500 -9.5% 40 -13%
LagunaHills 92653 $700,500 0.8% 30 20%
NewportBeach 92661 $2,427,000 -15.3% 6 0.0%
Orange 92869 $775,000 3.5% 33 22.2%
Tustin 92782 $750,000 -2.3% 23 -17.9%
YorbaLinda 92887 $780,000 -12.8% 30 76.5%
Total condo   $497,000 1.4% 693 -13.9%
Total new homes   $1,041,500 25.1% 255 -37%
Total resale houses   $758,000 -0.9% 1,428 -20.1%

Would you like to know more about best time of selling your home? Talk to Susan at:

(714) 902-3135

myhome@zengrealestate.com