Orange County Housing Summary: October 6, 2020

David Deem
714-997-3486

  • The active listing inventory decreased by 60 homes in the past two-weeks, down 1%, and now totals 4,153, its lowest level for a start to October since tracking began in 2004. COVID-19 is not suppressing the inventory; in September there were 21% more homes that came on the market compared to last year. This trend evolved in August when there were 14% more homes year over year. Last year, there were 6,616 homes on the market, 2,463 additional homes, or 59% more.
  • Demand, the number of pending sales over the prior month, decreased by 2 pending sales in the past two-weeks, nearly unchanged, and now totals 3,254. COVID-19 currently has no effect on demand. Record low rates are fueling today’s exceptional demand. Last year, there were 2,311 pending sales, 29% fewer than today.
  • The Expected Market Time for all of Orange County decreased from 39 days to 38, a Hot Seller’s Market (less than 60 days). It was at 86 days last year, much 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 28 days. This range represents 34% of the active inventory and 47% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 27 days, a hot Seller’s Market. This range represents 18% of the active inventory and 26% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 37 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 increased from 47 to 48 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 63 to 61 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 106 to 100 days. For luxury homes priced above $4 million, the Expected Market Time increased from 234 to 315 days.
  • The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 17% of demand.

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