Orange County Housing Market Summary: July 16, 2019
• The active listing inventory decreased by 39 homes in the past two weeks, down 1%, and now totals 7,561. In the month of June, 12% fewer homes came on the market compared to June 2018. Last year, there were 6,579 homes on the market, 982 fewer than today. There are 15% more homes than last year.
• Demand, the number of pending sales over the prior month, decreased by 87 pending sales in the past two-weeks, down 3%, and now totals 2,461. Last year, there were 2,454 pending sales, similar to today.
• The Expected Market Time for all of Orange County increased from 89 days two weeks ago to 92 days today, a Balanced Market (between 90 to 120 days) and the highest level for this time of the year since 2011. It was at 80 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 79 days, a slight Seller’s Market. This range represents 19% of the active inventory and 22% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 98 days, a Balanced Market.
• For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time increased from 137 to 143 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 192 to 189 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 250 to 262 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 667 to 518 days.
• The luxury end, all homes above $1.25 million, accounts for 35% 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 1.5% of demand. There are only 20 foreclosures and 35 short sales available to purchase today in all of Orange County, 55 total distressed homes on the active market, identical to the number two-weeks. Last year there were 64 total distressed homes on the market, slightly more than today.
• There were 2,715 closed residential resales in June, 6% fewer than June 2018’s 2,879 closed sales. June marked a 7% drop from May 2019. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.4%. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.