Orange County Housing Market Summary: March 10, 2020

David Deem
714-997-3486

The active listing inventory increased by 131 homes in the past two-weeks, up 3%, and now totals 4,161. Last year at this time, there were 6,366 homes on the market, 2,205 more than today, a 53% difference.

Demand, the number of pending sales over the prior month, increased by 104 pending sales in the past two-weeks, up 4%, and now totals 2,583. Last year, there were 2,272 pending sales, 12% fewer than today. 

The Expected Market Time for all of Orange County decreased from 49 days to 48, a hot Seller’s Market (less than 60 days) and the lowest level since July 2013. It was at 84 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 31 days. This range represents 33% of the active inventory and 52% of demand.

For homes priced between $750,000 and $1 million, the expected market time is 35 days, also a hot Seller’s Market. This range represents 17% 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 77 to 71 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 92 to 80 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 134 to 175 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 363 to 321 days. 

The luxury end, all homes above $1.25 million, accounts for 41% of the inventory and only 15% of demand.

Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 0.8% of demand. There are only 16 foreclosure s and 20 short sales available to purchase today in all of Orange County, 36 total distressed homes on the active 
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