Orange County Housing Market Summary: June 6, 2019
• The active listing inventory increased by 66 homes in the past two weeks, up 1%, and now totals 7,479, the highest level since September 2014. Last year, there were 5,874 homes on the market, 1,605 fewer than today. There are 27% more homes than last year.
• Demand, the number of pending sales over the prior month, decreased by 9 pending sales in the past two-weeks, nearly unchanged, and now totals 2,646. Last year, there were 2,665 pending sales, 1% more than today.
• The Expected Market Time for all of Orange County increased from 84 days two weeks ago to 85 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 66 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 60 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 67 days, a slight Seller’s Market. This range represents 18% of the active inventory and 23% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 108 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 125 to 107 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 174 to 167 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 262 to 302 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 568 to 419 days.
• The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 14% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 1.4% of demand. There are only 23 foreclosures and 42 short sales available to purchase today in all of Orange County, 65 total distressed homes on the active market, up two 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.