Orange County Housing Summary: September 6, 2023
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The active
listing inventory in the past couple of weeks decreased by 49 homes, down 2%,
and now sits at 2,385, its lowest reading since the start of July. The
inventory peaked four weeks ago. It is the second lowest end-of-August reading
since tracking began in 2004, slightly behind 2021. In August, 39% fewer homes
came on the market compared to the 3-year average before COVID (2017 to 2019), 1,367
less. Last year, there were 3,726 homes on the
market, 1,341 more homes, or 56% higher.
The 3-year average before COVID (2017 to 2019) was 6,569, or 175% more,
nearly triple.
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Demand, the
number of pending sales over the prior month, decreased by 111 pending sales in
the past two weeks, down 7%, and now totals 1,465, the lowest end-of-August
level since tracking began in 2004. Last year, there were 1,831 pending sales, 25% more than today. The 3-year
average before COVID (2017 to 2019) was 2,438, or 66% more.
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With
demand falling faster than supply, the
Expected Market Time, the number of days to sell
all Orange County listings at the current buying pace, increased from 46
to 49 days in the past couple of weeks. It was 61 days last year, slower than
today.
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For homes priced
below $750,000, the Expected Market Time decreased from 32 to 31 days. This
range represents 18% of the active inventory and 28% of demand.
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For homes priced
between $750,000 and $1 million, the Expected Market Time increased from 31 to
32 days. This range represents 15% of the active inventory and 23% of demand.
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For homes priced
between $1 million and $1.25 million, the Expected Market Time increased from
33 to 37 days. This range represents 10% of the active inventory and 13% of
demand.
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For homes priced
between $1.25 million and $1.5 million, the Expected Market Time decreased from
40 to 38 days. This range represents 10% of the active inventory and 12% of
demand.
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For homes priced
between $1.5 million and $2 million, the Expected Market Time increased from 53
to 58 days. This range represents 14% of the active inventory and 12% of demand.
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For homes priced
between $2 million and $4 million, the Expected Market Time in the past two
weeks increased from 82 to 96 days. For homes priced between $4 million and $6
million, the Expected Market Time increased from 177 to 257 days. For homes
priced above $6 million, the Expected Market Time decreased from 378 to 310
days.
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The luxury end,
all homes above $2 million, account for 34% of the inventory and 11% of demand.
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Distressed homes,
both short sales and foreclosures combined, comprised only 0.2% of all listings
and 0.3% of demand. Only two foreclosures and two short sales are available
today in Orange County, with four total distressed homes on the active market, down
three from two weeks ago. Last year, eight distressed homes were on the market,
similar 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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