Orange County Housing Market Summary: August 27, 2019
• The active listing inventory decreased by 181 homes in the past two-weeks, down 2%, and now totals 7,307. The inventory reached a peak for the year of 7,601 four-weeks ago. Last year, there were 7,001 homes on the market, 306 fewer than today, 4% less. Two years ago, there were 20% fewer homes on the market.
• Demand, the number of pending sales over the prior month, decreased by 81 pending sales in the past two-weeks, down 2%, and now totals 2,548. Last year, there were 2,350 pending sales, 8% fewer than today. Two years ago, demand was 11% stronger than today.
• The Expected Market Time for all of Orange County remained unchanged at 86 days, a slight Seller’s Market (between 60 to 90 days). It was at 89 days last year.
• For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 57 days. This range represents 38% of the active inventory and 57% 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 19% of the active inventory and 22% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 117 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 130 to 149 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 244 to 162 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 280 to 249 days. For luxury homes priced above $4 million, the Expected Market Time increased from 404 to 509 days.
• The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 13% 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 20 foreclosures and 32 short sales available to purchase today in all of Orange County, 52 total distressed homes on the active market, down five in the past two-weeks. Last year there were 58 total distressed homes on the market, slightly more than today.
• There were 2,871 closed residential resales in July, 5% more than July 2018’s 2,734 closed sales. July marked a 6% increase compared to June 2019. The sales to list price ratio was 98.3% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.24%. That means that 99.3% of all sales were good ol’ fashioned sellers with equity.