Orange County Housing Summary: September 19, 2023
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· The active listing inventory in the past couple of
weeks decreased by 32 homes, down 1%, and now sits at 2,353, its lowest reading
since the start of July. The inventory peaked at the start of August. It is the
second lowest mid-September reading since tracking began in 2004, with only 64
more homes than 2021, the lowest level by far. 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 3,638 homes on the
market, 1,285 more homes, or 55% higher.
The 3-year average before COVID (2017 to 2019) was 6,520, or 177% more,
nearly triple.
· Demand, the number of pending sales over the prior
month, increased by nine pending sales in the past two weeks, up 1%, and now
totals 1,474, the lowest mid-September reading since 2007. Last year, there
were 1,756 pending sales, 19% more than
today. The 3-year average before COVID (2017 to 2019) was 2,363, or 60% more.
· With the inventory falling and demand
rising slightly, the Expected Market
Time, the number of days to sell all Orange County
listings at the current buying pace, decreased from 49 to 48 days in the
past couple of weeks. It was 62 days last year, slower than today.
· For homes priced below $750,000, the Expected Market
Time decreased from 31 to 30 days. This range represents 20% of the active
inventory and 27% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 32 to 33 days. This range represents 15% of the
active inventory and 23% of demand.
· For homes priced between $1 million and $1.25 million,
the Expected Market Time decreased from 37 to 35 days. This range represents 10%
of the active inventory and 14% of demand.
· For homes priced between $1.25 million and $1.5
million, the Expected Market Time increased from 38 to 40 days. This range
represents 9% of the active inventory and 11% of demand.
· For homes priced between $1.5 million and $2 million,
the Expected Market Time decreased from 58 to 55 days. This range represents 14%
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 96 to 98 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 257 to 181 days. For homes priced above $6 million, the Expected Market
Time decreased from 310 to 247 days.
· The luxury end, all homes above $2 million, account
for 34% of the inventory and 13% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.2% of all listings and 0.4% of demand. Only two
foreclosures and two short sales are available today in Orange County, with
four total distressed homes on the active market, unchanged from two weeks ago.
Last year, eight distressed homes were on the market, similar to today.
· There were 1,979 closed residential resales in August,
9% less than August 2022’s 2,168 closed sales. August marked an 11% rise
compared to July 2023. The sales-to-list price ratio was 99.2% for all of
Orange County. Foreclosures accounted for 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.
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