Orange County Housing Summary: December 15, 2020
·
The active listing inventory plunged by 317
homes in the past two-weeks, down 9%, and now totals 3,152, its lowest level
since tracking began in 2004. COVID-19 is not suppressing the inventory despite
the recent surge in cases. In November, there were 15% more homes that came on
the market compared to last year. Last year, there
were 4,546 homes on the market, 1,394 additional homes, or 44% more.
·
Demand, the number of pending sales over the
prior month, decreased by 72 pending sales in the past two-weeks, down 3%, and
now totals 2,549, its strongest December reading since 2011. COVID-19 has no
effect on demand. Record low rates are fueling today’s exceptional demand. Last
year, there were 1,949 pending sales, 24% fewer than today.
·
The Expected Market Time for all of Orange
County decreased from 40 days to 37, its strongest reading in 2020 and a Hot
Seller’s Market (less than 60 days). It was at 70 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 27
days. This range represents 33% of the active inventory and 45% of demand.
·
For homes priced between $750,000 and $1
million, the expected market time is 23 days, a hot Seller’s Market. This range
represents 16% of the active inventory and 25% of demand.
·
For homes priced between $1 million to $1.25
million, the expected market time is 34 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 47 to 36 days. For homes priced between $1.5 million and $2 million, the
Expected Market Time decreased from 63 to 53 days. For luxury homes priced
between $2 million and $4 million, the Expected Market Time decreased from 123
to 119 days. For luxury homes priced above $4 million, the Expected Market Time
decreased from 322 to 248 days.
·
The luxury end, all homes above $1.25 million,
accounts for 42% of the inventory and only 20% of demand.
·
Distressed homes, both short sales and
foreclosures combined, made up only 0.3% of all listings and 0.2% of demand.
There are only 2 foreclosures and 6 short sales available to purchase today in
all of Orange County, 8 total distressed homes on the active market, up 1 from
two-weeks ago. Last year there were 68 total distressed homes on the market,
more than today.
·
There were 2,843 closed residential resales in
November, 25% more than November 2019’s 2,269 closed sales. November marked a
15% drop compared to October 2020. The sales to list price ratio was 98.5% 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.
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