Orange County Housing Summary: February 7, 2024
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David Deem
Broker Associate
714-997-3486
· The
active listing inventory in the past couple of weeks increased by 42 homes, up 2%,
and now sits at 1,942. It is the second-lowest initial February reading since
tracking began in 2004, only behind 2022.
In January, 35% fewer homes came on the market compared to the 3-year
average before COVID (2017 to 2019), 1,072 less. 277 more sellers came on the
market this year compared to January 2023. Last year, there were 2,415 homes on
the market, 473 more homes, or 24% higher. The 3-year average before
COVID (2017 to 2019) was 4,843, or 149% extra, more than double.
· Demand,
the number of pending sales over the prior month, soared higher by 280 pending
sales in the past two weeks, up 28%, and now totals 1,290, still the lowest
initial February reading since tracking began. Last year, there were 1,300
pending sales, 1% more than today. The 3-year average before COVID (2017
to 2019) was 2,160, or 67% more.
· With
demand soaring compared to the smaller rise in supply, the Expected Market
Time, the number of days to sell all Orange County listings at the current
buying pace, plunged from 56 to 45 days in the past couple of weeks. It was 56
days last year, slower than today. The 3-year average before COVID (2017 to
2019) was 70 days, also slower than today.
· For
homes priced below $750,000, the Expected Market Time decreased from 42 to 36
days. This range represents 21% of the active inventory and 25% of demand.
· For
homes priced between $750,000 and $1 million, the Expected Market Time
decreased from 32 to 25 days. This range represents 13% of the active inventory
and 25% of demand.
· For
homes priced between $1 million and $1.25 million, the Expected Market Time decreased
from 41 to 32 days. This range represents 9% 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 53 to 39 days. This range represents 10% of the active inventory and 12%
of demand.
· For
homes priced between $1.5 million and $2 million, the Expected Market Time decreased
from 66 to 45 days. This range represents 12% 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 decreased from 89 to 80 days. For homes priced between $4
million and $6 million, the Expected Market Time decreased from 165 to 133
days. For homes priced above $6 million, the Expected Market Time decreased
from 396 to 337 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 0.6% of demand. Only three foreclosures and four short sales are
available today in Orange County, with seven total distressed homes on the
active market, down one from two weeks ago. Last year, seven distressed homes
were on the market, identical to today.
· There
were 1,310 closed residential resales in December, down 6% compared to December
2022’s 1,393. December marked an 8% drop compared to November 2023. The sales-to-list
price ratio was 98.1% 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.
DRE#01266522
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