Housing marketing conditions in Orange County

As of October 2023, the Orange County housing market has experienced significant changes compared to the previous year:

1. Home prices have increased by 12.4%, with the median price reaching $1.1 million.
2. The average time homes stay on the market has reduced to 35 days, down from 48 days last year.
3. The number of homes sold in October was 1,666, a decrease from the 1,764 homes sold in the same month last year.
4. The sale-to-list price ratio was 100%, indicating that homes, on average, sold for their asking price. This is a 1.4 percentage point increase from the previous year.
5. 44.1% of homes sold above their list price, a significant increase of 14.2 percentage points compared to last year.
6. The percentage of homes with price drops was 24.4%, showing a decrease of 7.7 percentage points from the previous year