Orange County Housing Market Summary: 5-7-19
• The active listing inventory increased by 252 homes in the past two weeks, up 4%, and now totals 7,185. It was the largest increase so far this year. Last year, there were 5,434 homes on the market, 1,751 fewer than today. There are 32% more homes than last year.
• Demand, the number of pending sales over the prior month, decreased by 71 pending sales in the past two-weeks, down 3%, and now totals 2,653. Last year, there were 2,675 pending sales, 1% more than today.
• The Expected Market Time for all of Orange County increased from 76 days two weeks ago to 81 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 61 days last year.
• For homes priced below $750,000, the market is a Seller’s Market (less than 60 days) with an expected market time of 58 days. This range represents 39% of the active inventory and 55% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 70 days, a slight Seller’s Market. This range represents 19% of the active inventory and 22% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 86 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 108 to 128 days. For homes priced between $1.5 million and $2 million, the expected market time increased from 133 to 134 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 186 to 228 days. For luxury homes priced above $4 million, the expected market time increased from 425 to 463 days.
• The luxury end, all homes above $1.25 million, accounts for 33% of the inventory and only 15% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 1.3% of demand. There are only 27 foreclosures and 41 short sales available to purchase today in all of Orange County, 68 total distressed homes on the active market, up 9 in the last two-weeks. Last year there were 44 total distressed homes on the market, fewer than today.
• There were 2,558 closed residential resales in April, 2% fewer than April 2018’s 2,614 closed sales. April marked a 13% increase from March 2019. The sales to list price ratio was 97.9% for all of Orange County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.4%. That means that 99.3% of all sales were good ol’ fashioned sellers with equity.