Orange County Housing Summary: December 12, 2023
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· The active listing inventory in the past couple of
weeks plunged by 129 homes, down 6%, and now sits at 2,180, its lowest level
since May. In November, 33% fewer homes came on the market compared to the
3-year average before COVID (2017 to 2019), 743 less. Last year, there were 3,182 homes on the market, 1,002 more
homes, or 46% higher. The 3-year average before COVID (2017 to 2019)
was 4,988, or 129% extra, more than double.
· Demand, the number of pending sales over the prior
month, decreased by 60 pending sales in the past two weeks, down 5%, and now
totals 1,113, its lowest December level since tracking began in 2004. Last
year, there were 1,133 pending sales, 2% more than today. The 3-year
average before COVID (2017 to 2019) was 1,774, or 59% more.
· With supply and demand dropping at
similar rates, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, remained unchanged at 59 days in the past
couple of weeks. It was 84 days last year, slower than today. The 3-year
average before COVID (2017 to 2019) was 87 days, also slower than today.
· For homes priced below $750,000, the Expected Market
Time increased from 41 to 45 days. This range represents 19% of the active
inventory and 26% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 38 to 42 days. This range represents 16% of the
active inventory and 22% of demand.
· For homes priced between $1 million and $1.25 million,
the Expected Market Time decreased from 44 to 36 days. This range represents 10%
of the active inventory and 16% of demand.
· For homes priced between $1.25 million and $1.5
million, the Expected Market Time decreased from 44 to 39 days. This range
represents 8% of the active inventory and 12% of demand.
· For homes priced between $1.5 million and $2 million,
the Expected Market Time decreased from 68 to 65 days. This range represents 12%
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 115 to 122 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 240 to 213 days. For homes priced above $6 million, the Expected Market
Time decreased from 444 to 372 days.
· The luxury end, all homes above $2 million, account
for 35% of the inventory and 13% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.4% of all listings and 0.2% of demand. Only five
foreclosures and four short sales are available today in Orange County, with
nine total distressed homes on the active market, up one from two weeks ago.
Last year, 12 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 no closed short sales. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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