Orange County Housing Market Summary 3-13-19
• The active listing inventory increased by 72 homes in the past two weeks, up 1%, and now totals 6,366. Last year, there were 4,420 homes on the market, 1,946 fewer than today. There are 44% more homes than last year.
• So far this year, 4% fewer homes came on the market below $500,000 compared to 2018, and there were 15% fewer closed sales. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is continuing to vanish.
• Demand, the number of pending sales over the prior month, continued its rapid rise in the past two-weeks, climbing by 184 pending sales, up 9%, and now totals 2,272, its lowest level for this time of the year since 2008. Last year, there were 2,417 pending sales, 6% more than today.
• The Expected Market Time for all of Orange County decreased from 90 days two weeks ago to 84 days today, a slight Seller’s Market (between 60 to 90 days) and the highest level for this time of the year since 2011. It was at 55 days last year.
• For homes priced below $750,000, the market is a slight Seller’s Market (between 60 and 90 days) with an expected market time of 65 days. This range represents 42% of the active inventory and 54% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 63 days, a slight Seller’s Market. This range represents 17% of the active inventory and 23% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 102 days, a Balanced Market.
• For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the expected market time decreased from 132 to 95 days. For homes priced between $1.5 million and $2 million, the expected market time decreased from 173 to 140 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 234 to 245 days. For luxury homes priced above $4 million, the expected market time increased from 573 to 650 days.
• The luxury end, all homes above $1.25 million, accounts for 32% of the inventory and only 16% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.8% of all listings and 1.9% of demand. There are only 17 foreclosures and 34 short sales available to purchase today in all of Orange County, 51 total distressed homes on the active market, down eight from two-weeks ago. Last year there were 39 total distressed homes on the market, slightly less than today.
• There were 1,543 closed residential resales in February, 15% fewer than February 2018’s 1,820 closed sales. February marked a 6% increase from January 2019. The sales to list price ratio was 97.4% for all of Orange County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.6%. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.