Orange County Housing Summary: May 16, 2023
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· The active listing inventory in the past couple of
weeks increased by 63 homes, up 3%, and now sits at 2,139, the largest rise of
the year. Nonetheless, it is the lowest level for mid-May since tracking began
in 2004. In April, 49% fewer homes came on the market compared to the 3-year
average before COVID (2017 to 2019), 1,983 less. Last year, there were 2,452 homes on the market, 313 more homes, or 15% higher. The 3-year average before
COVID (2017 to 2019) was 6,255, or 192% more, nearly triple.
· Demand, the number of pending sales over the prior
month, decreased by 46 pending sales in the past two weeks, down 3%, and now
totals 1,660, the lowest mid-May reading since 2020 during the COVID lockdown. Last
year, there were 2,179 pending sales, 31%
more than today. The 3-year average before COVID (2017 to 2019) was 2,765,
or 67% more.
· With the inventory rising and demand falling,
the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, increased from 37 to 39 days in the past couple
of weeks. It was 34 days last year, similar to today.
· For homes priced below $750,000, the Expected Market
Time decreased from 27 to 26 days. This range represents 19% of the active
inventory and 28% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 23 to 25 days. This range represents 15% of the
active inventory and 24% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time increased from 23 to 26 days. This range represents 10%
of the active inventory and 14% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time increased from 32 to 34 days. This range
represents 10% of the active inventory and 11% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time increased from 46 to 47 days. This range represents 13%
of the active inventory and 11% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks increased from 72 to 81 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 116 to 113 days. For homes priced above $6 million, the Expected Market
Time increased from 353 to 368 days.
· The luxury end, all homes above $2 million, account
for 33% of the inventory and 12% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.5% of all listings and 0.3% of demand. Only three
foreclosures and seven short sales are available today in Orange County, with ten
total distressed homes on the active market, down two from two weeks ago. Last
year there were three distressed homes on the market, similar to today.
· There were 1,696 closed residential resales in April, 34%
less than April 2022’s 2,565 closed sales. April marked a 5% drop compared to March
2023. The sales-to-list price ratio was 100.2% for all of Orange County. Foreclosures
accounted for 0.1% of all closed sales, and there were no closed short sales. That
means that 99.9% of all sales were good ol’
fashioned sellers with equity.
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