Orange County Housing Market Summary: July 2, 2019
• The active listing inventory increased by 107 homes in the past two weeks, up 1%, and now totals 7,600, the highest level since September 2014. Last year, there were 6,362 homes on the market, 1,238 fewer than today. There are 19% more homes than last year.
• Demand, the number of pending sales over the prior month, decreased by 113 pending sales in the past two-weeks, down 4%, and now totals 2,548. Last year, there were 2,604 pending sales, 2% more than today.
• The Expected Market Time for all of Orange County increased from 84 days two weeks ago to 89 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 73 days last year.
• For homes priced below $750,000, the market is a slight Seller’s Market (between 60 and 90 days) with an expected market time of 64 days. This range represents 39% of the active inventory and 55% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 74 days, a slight Seller’s Market. This range represents 18% of the active inventory and 22% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 86 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 increased from 118 to 137 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 149 to 192 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 254 to 250 days. For luxury homes priced above $4 million, the Expected Market Time increased from 441 to 667 days.
• The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 14% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.7% of all listings and 1.4% of demand. There are only 22 foreclosures and 33 short sales available to purchase today in all of Orange County, 55 total distressed homes on the active market, up two the last two-weeks. Last year there were 58 total distressed homes on the market, nearly identical to today.
• There were 2,929 closed residential resales in May, 2% more than May 2018’s 2,870 closed sales. April marked a 15% increase from April 2019. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.8% of all closed sales, and short sales accounted for 0.6%. That means that 98.6% of all sales were good ol’ fashioned sellers with equity.