Orange County Housing Summary: August 10, 2021
·
The
active listing inventory decreased by 17 homes in the past two-weeks, down 1%,
and now totals 2,520. In July, there were 4% fewer homes that came on the
market compared to the 3-year average between 2017 to 2019 (2020 was skewed do
to COVID-19), 157 less. Last year, there were 4,449
homes on the market, 1,929 additional homes, or 77% more.
·
Demand,
the number of pending sales over the prior month, decreased by 3 pending sales
in the past two-weeks, nearly unchanged, and now totals 2,809. Last year, there
were 3,281 pending sales, 17% more than today, due to a delayed Spring
Market.
·
With
not much of a change in supply or demand, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, remained unchanged at 27 days in the past
couple of weeks, an extremely Hot Seller’s Market (less than 60 days). It was
at 41 days last year and getting hotter.
·
For
homes priced below $750,000, the market is a Hot Seller’s Market (less than 60
days) with an Expected Market Time of 20 days. This range represents 28% of the
active inventory and 37% of demand.
·
For
homes priced between $750,000 and $1 million, the Expected Market Time is 22
days, a Hot Seller’s Market. This range represents 22% of the active inventory
and 27% of demand.
·
For
homes priced between $1 million to $1.25 million, the Expected Market Time is
22 days, a Hot Seller’s Market. This range represents 10% of the active
inventory and 12% of demand
·
For
homes priced between $1.25 million to $1.5 million, the Expected Market Time is
28 days, a Hot Seller’s Market. This range represents 9% of the active
inventory and 9% of demand
·
For homes priced between $1.5 million and $2 million, the
Expected Market Time increased from 28 to 31 days. For homes priced between $2
million and $4 million, the Expected Market Time decreased from 55 to 52 days.
For homes priced above $4 million, the Expected Market Time decreased from 131
to 128 days.
·
The
luxury end, all homes above $1.5 million, accounts for 32% of the inventory and
16% of demand.
· Distressed homes, both short sales and foreclosures combined, made up only 0.5% of all listings and 0.2% of demand. There are only 9 foreclosures and 4 short sales available to purchase today in all of Orange County, 13 total distressed homes on the active market, up 1 from two-weeks ago. Last year there were 18 total distressed homes on the market, very similar to today.
There were 3,545 closed residential resales in June, 63% more than June 2020’s 2,169 closed sales. June marked a 10% increase compared to May 2021. The sales to list price ratio was 101.4% for all of Orange County. Foreclosures accounted for just 0.1% of all closed sales, and short sales accounted for 0.1%. That means that 99.8% of all sales were good ol’ fashioned sellers with equity.
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