Orange County Housing Summary: November 17, 2020
- The active listing inventory decreased by 101 homes in the past two-weeks, down 3%, and now totals 3,843, its lowest level since January 2018. COVID-19 is not suppressing the inventory. In October, there were 16% more homes that came on the market compared to last year. Last year, there were 5,531 homes on the market, 1,691 additional homes, or 44% more.
- Demand, the number of pending sales over the prior month, decreased by 220 pending sales in the past two-weeks, down 7%, and now totals 2,799. COVID-19 has no effect on demand. Record low rates are fueling today’s exceptional demand. Last year, there were 2,328 pending sales, 17% fewer than today.
- The Expected Market Time for all of Orange County increased from 39 days to 41, a Hot Seller’s Market (less than 60 days). It was at 71 days last year, 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 30 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 25 days, a hot Seller’s Market. This range represents 16% of the active inventory and 27% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 40 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 50 to 56 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 62 to 72 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 116 to 118 days. For luxury homes priced above $4 million, the Expected Market Time increased from 255 to 308 days.
- The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 17% of demand.
- Distressed homes, both short sales and foreclosures combined, made up only 0.3% of all listings and 0.3% of demand. There are only 5 foreclosures and 7 short sales available to purchase today in all of Orange County, 12 total distressed homes on the active market, down 1 from two-weeks ago. Last year there were 54 total distressed homes on the market, more than today.
- There were 3,359 closed residential resales in October, 31% more than October 2019’s 2,564 closed sales. October marked a 0.6% increase compared to September 2020. The sales to list price ratio was 98.4% for all of Orange County. Foreclosures accounted for just 0.1% of all closed sales, and short sales accounted for 0.2%. That means that 99.7% of all sales were good ol’ fashioned sellers with equity.