Orange County Housing Summary: November 14, 2023
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· The active listing inventory in the past couple of
weeks increased by 90 homes, up 4%, and now sits at 2,496. In October, 36%
fewer homes came on the market compared to the 3-year average before COVID
(2017 to 2019), 1,093 less. Last year, there were
3,581 homes on the market, 1,085 more homes, or 43% higher. The 3-year
average before COVID (2017 to 2019) was 5,822, or 133% more, more than double.
· Demand, the number of pending sales over the prior
month, decreased by 61 pending sales in the past two weeks, down 5%, and now
totals 1,223. Last year, there were 1,202 pending sales, 2% fewer than today.
The 3-year average before COVID (2017 to 2019) was 2,139, or 75% 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 56 to 61 days in the past couple
of weeks, its highest level since January. It was 89 days last year, slower
than today.
· For homes priced below $750,000, the Expected Market
Time increased from 42 to 45 days. This range represents 18% of the active
inventory and 25% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 37 to 41 days. This range represents 16% of the
active inventory and 24% of demand.
· For homes priced between $1 million and $1.25 million,
the Expected Market Time increased from 35 to 46 days. This range represents 10%
of the active inventory and 13% of demand.
· For homes priced between $1.25 million and $1.5
million, the Expected Market Time decreased from 48 to 46 days. This range
represents 10% of the active inventory and 13% of demand.
· For homes priced between $1.5 million and $2 million,
the Expected Market Time remained unchanged at 70 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 87 to 103 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 175 to 231 days. For homes priced above $6 million, the Expected Market
Time increased from 385 to 469 days.
· The luxury end, all homes above $2 million, account
for 33% of the inventory and 13% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.2% of all listings and 0.1% of demand. Only four
foreclosures and two short sales are available today in Orange County, with six
total distressed homes on the active market, up two from two weeks ago. Last
year, seven distressed homes were on the market, similar to today.
· There were 1,632 closed residential resales in October,
5% less than October 2022’s 1,726 closed sales. October marked a 1% drop compared
to September 2023. The sales-to-list price ratio was 98.9% for all of Orange
County. Foreclosures accounted for 0.1% of all closed sales, and there were not
closed short sales. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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