Orange County Housing Summary: September 8, 2021

David Deem
714-997-3486


The active listing inventory decreased by 239 homes in the past two-weeks, down 9%, and now totals 2,289, its largest drop of the year. In August, there were 12% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed do to COVID-19), 412 less. Last year, there were 4,252 homes on the market, 1,963 additional homes, or 86% more.

Demand, the number of pending sales over the prior month, decreased by 12 pending sales in the past two-weeks, nearly unchanged, and now totals 2,682. Last year, there were 3,340 pending sales, 25% more than today and a four-month delayed peak due to COVID.

With a large drop in the supply and demand nearly unchanged, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 28 to 26 days in the past couple of weeks, its hottest level since June and an extremely Hot Seller’s Market (less than 60 days). It was at 38 days last year slightly 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 21 days. This range represents 29% of the active inventory and 36% of demand.

For homes priced between $750,000 and $1 million, the Expected Market Time is 20 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 28% of demand.

For homes priced between $1 million to $1.25 million, the Expected Market Time is 19 days, a Hot Seller’s Market. This range represents 9% 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 8% of the active inventory and 8% of demand

For homes priced between $1.5 million and $2 million, the Expected Market Time remained unchanged at 25 days. For homes priced between $2 million and $4 million, the Expected Market Time decreased from 62 to 52 days. For homes priced above $4 million, the Expected Market Time decreased from 132 to 124 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 0.6% of all listings and 0.3% of demand. There are only 10 foreclosures and 3 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 13 total distressed homes on the market, identical to today.

There were 3,205 closed residential resales in July, 6% more than July 2020’s 3,011 closed sales. July marked a 10% drop compared to June 2021. The sales to list price ratio was 101.5% for all of Orange County. Foreclosures accounted for just 0.2% of all closed sales, and short sales accounted for 0.2%. That means that 99.6% of all sales were good ol’ fashioned sellers with equity.


 

Comments

Popular posts from this blog

Orange County Housing Summary: April 4, 2023

Orange County Housing Summary: April 18, 2023

Orange County Housing Summary: June 27, 2023