Orange County Housing Summary: May 5, 2021
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The
active listing inventory decreased by 110 homes in the past two-weeks, down 5%,
and now totals 2,274, its second lowest level since tracking began in 2004
behind 2,240 achieved on April 1st. From April 1 to April 15, there
were 13% fewer homes that came on the market compared to 5-year average between
2015 to 2019 (2020 was skewed do to COVID-19), 274 less. Last year, there were 4,625 homes on the market, 2,351
additional homes, or 103% more.
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Demand,
the number of pending sales over the prior month, increased by 11 pending sales
in the past two-weeks, nearly unchanged, and now totals 3,081. Rates dropped
down to below 3% for the first time since February, keeping demand at its
current brisk pace. Last year, there
were 1,172 pending sales, 62% fewer than today. Keep in mind, it was the start
of the pandemic too, which negatively affected demand through May.
·
The
Expected Market Time, the number of days to sell
all Orange County listings at the current buying pace, decreased from 23
days to 22 in the past couple of weeks, an extremely Hot Seller’s Market (less
than 60 days). It was at 118 days last year, slower than today.
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For
homes priced below $750,000, the market is a Hot Seller’s Market (less than 60
days) with an Expected Market Time of 16 days. This range represents 28% of the
active inventory and 39% of demand.
·
For
homes priced between $750,000 and $1 million, the Expected Market Time is 15
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
20 days, a Hot Seller’s Market.
·
For
homes priced between $1.25 million to $1.5 million, the Expected Market Time is
23 days, a Hot Seller’s Market.
·
For homes priced between $1.5 million and $2 million, the
Expected Market Time decreased from 27 to 22 days. For homes priced between $2
million and $4 million, the Expected Market Time increased from 45 to 46 days.
For homes priced above $4 million, the Expected Market Time decreased from 148
to 137 days.
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The
luxury end, all homes above $1.5 million, accounts for 36% of the inventory and
17% of demand.
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Distressed
homes, both short sales and foreclosures combined, made up only 0.5% of all
listings and 0.3% of demand. There are only 7 foreclosures and 5 short sales
available to purchase today in all of Orange County, 12 total distressed homes
on the active market, up 1 from two-weeks ago. Last year there were 44 total
distressed homes on the market, more than today.
There
were 3,212 closed residential resales in March, 35% more than March 2020’s
2,383 closed sales. March marked a 41% rise over February 2021. It was the
strongest March closing month since 2005. The sales to list price ratio was
100.3% for all of Orange County. Foreclosures accounted for just 0% of all
closed sales, and short sales accounted
for 0.09%. That means that 99.91% of all sales were good ol’ fashioned sellers with equity.
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