Orange County Housing Market Summary 3-13-19

David Deem
714-997-3486

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.
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