Orange County Housing Market Summary: April 9, 2019
David Deem
714-997-3486
·
The active listing inventory increased
by 344 homes in the past two weeks, up 5%, and now totals 6,876. Last year, there
were 4,708 homes on the market, 2,168 fewer than today. There are 46% more
homes than last year.
·
So far this year, 3% 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, increased by 95 pending sales in the past two-weeks,
up 4%, and now totals 2,445, its lowest level for this time of the year since
2008. Last year, there were 2,602 pending sales, 6% more than today.
·
The Expected Market Time for
all of Orange County increased from 83 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 54 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 62 days. This range represents 41% of the active
inventory and 55% of demand.
·
For homes priced between
$750,000 and $1 million, the expected market time is 73 days, a slight Seller’s
Market. This range represents 18% of the active inventory and 21% of demand.
·
For homes priced between $1
million to $1.25 million, the expected market time is 90 days, a slight
Seller’s Market.
·
For luxury homes priced
between $1.25 million and $1.5 million, in the past two weeks, the expected
market time increased from 103 to 109 days. For homes priced between $1.5
million and $2 million, the expected market time increased from 146 to 154 days.
For luxury homes priced between $2 million and $4 million, the expected market
time decreased from 230 to 222 days. For luxury homes priced above $4 million,
the expected market time decreased from 562 to 466 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 1.8% of
demand. There are only 19 foreclosures and 30 short sales available to purchase
today in all of Orange County, 49 total distressed homes on the active market, down
two from two-weeks ago. Last year there were 39 total distressed homes on the
market, slightly less than today.
DRE#01266522
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