Orange County Housing Summary: August 22, 2023
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· The active listing inventory in the past couple of
weeks decrease by 41 homes, down 2%, and now sits at 2,434, its largest drop
since April. The inventory may have peaked a couple of weeks ago. It is the
lowest mid-August level since tracking began in 2004. In July, 39% fewer homes
came on the market compared to the 3-year average before COVID (2017 to 2019), 1,450
less. Last year, there were 4,030 homes on the
market, 1,596 more homes, or 66% higher.
The 3-year average before COVID (2017 to 2019) was 6,723, or 176% more,
nearly triple.
· Demand, the number of pending sales over the prior
month, decreased by four pending sales in the past two weeks, nearly unchanged,
and now totals 1,849, the lowest mid-August level since tracking began in 2004.
Last year, there were 1,849 pending sales, 17% more than today. The 3-year average before COVID (2017 to
2019) was 2,574, or 63% more.
· With supply falling slightly and demand unchanged,
the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, decreased from 47 to 46 days in the past couple
of weeks. It was 65 days last year, much slower than today.
· For homes priced below $750,000, the Expected Market
Time decreased from 34 to 32 days. This range represents 19% of the active
inventory and 27% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time remained unchanged at 31 days. This range represents 15% of the
active inventory and 23% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time remained unchanged at 33 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 decreased from 44 to 40 days. This range
represents 11% of the active inventory and 12% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time remained unchanged at 53 days. This range represents 13%
of the active inventory and 12% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks increased from 76 to 82 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 152 to 177 days. For homes priced above $6 million, the Expected Market
Time increased from 291 to 378 days.
· The luxury end, all homes above $2 million, account
for 32% of the inventory and 13% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.3% of all listings and 0.3% of demand. Only three
foreclosures and four short sales are available today in Orange County, with
seven total distressed homes on the active market, unchanged from two weeks
ago. Last year there were seven distressed homes on the market, identical to
today.
· There were 1,784 closed residential resales in July, 9%
less than July 2022’s 1,959 closed sales. July marked a 10% drop compared to June
2023. The sales-to-list price ratio was 100.3% for all of Orange County. Foreclosures
accounted for 0.2% of all closed sales, and there were no short sales. That
means that 99.8% of all sales were good ol’
fashioned sellers with equity.
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