Orange County Housing Market Summary: 4-25-19
• The active listing inventory increased by 57 homes in the past two weeks, up 1%, and now totals 6,933. Last year, there were 5,144 homes on the market, 1,789 fewer than today. There are 35% more homes than last year.
• So far this year, 3% fewer homes came on the market below $500,000 compared to 2018, and there were 15% fewer closed sales. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is continuing to vanish.
• Demand, the number of pending sales over the prior month, increased by 279 pending sales in the past two-weeks, up 11%, and now totals 2,724, surpassing the prior year for the first time since July 2017. Last year, there were 2,340 pending sales, 3% fewer than today.
• The Expected Market Time for all of Orange County decreased from 84 days two weeks ago to 76 days today, a slight Seller’s Market (between 60 to 90 days) and the highest level for this time of the year since 2011. It was at 58 days last year.
• For homes priced below $750,000, the market is a Seller’s Market (less than 60 days) with an expected market time of 55 days. This range represents 40% of the active inventory and 55% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 66 days, a slight Seller’s Market. This range represents 18% of the active inventory and 21% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 83 days, a slight Seller’s Market.
• For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the expected market time decreased from 109 to 108 days. For homes priced between $1.5 million and $2 million, the expected market time decreased from 154 to 133 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 222 to 186 days. For luxury homes priced above $4 million, the expected market time decreased from 466 to 425 days.
• The luxury end, all homes above $1.25 million, accounts for 33% of the inventory and only 16% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 1% of demand. There are only 23 foreclosures and 36 short sales available to purchase today in all of Orange County, 59 total distressed homes on the active market, down 2 in the last two-weeks. Last year there were 43 total distressed homes on the market, slightly fewer than today.
• There were 2,265 closed residential resales in March, 13% fewer than March 2018’s 2,613 closed sales. March marked a 47% increase from February 2019. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.5%. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.