Orange County Housing Market Summary:February 11, 2020
• The active listing inventory decreased by 18 homes in the past two-weeks, nearly unchanged, and now totals 4,005. Last year, there were 6,100 homes on the market, 2,095 more than today, or an extra 52%.
• Demand, the number of pending sales over the prior month, increased by 471 pending sales in the past two-weeks, up 28%, and now totals 2,173. Last year, there were 1,791 pending sales, 18% fewer than today.
• The Expected Market Time for all of Orange County decreased from 71 days to 55, a hot Seller’s Market (less than 60 days). It was at 102 days last year, substantially slower than today.
• For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 40 days. This range represents 35% of the active inventory and 50% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 37 days, also a hot Seller’s Market. This range represents 16% of the active inventory and 24% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 56 days, a hot 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 83 to 63 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 144 to 117 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 181 to 143 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 468 to 391 days.
• The luxury end, all homes above $1.25 million, accounts for 39% 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 1.4% of demand. There are only 15 foreclosure s and 23 short sales available to purchase today in all of Orange County, 38 total distressed homes on the active market, down 6 from two-weeks ago. Last year there were 61 total distressed homes on the market, slightly more than today.
• There were 2,469 closed residential resales in December, 40% more than December 2018’s 1768 closed sales. December marked a 10% increase compared to November 2019. The sales to list price ratio was 97.4% for all of Orange County. Foreclosures accounted for just 0.6% of all closed sales, and short sales accounted for 0.5%. That means that 98.9% of all sales were good ol’ fashioned sellers with equity.