Orange County Housing Market Summary: December 3, 2019
• The active listing inventory dropped by 599 homes in the past two-weeks, down 11%, and now totals 4,935, the largest drop of the year and the lowest level since April 2018. Last year, there were 6,820 homes on the market, 1,885 more than today, or an extra 38%.
• Demand, the number of pending sales over the prior month, decreased by 158 pending sales in the past two-weeks, down 7%, and now totals 2,170. It too was the largest drop of the year. Last year, there were 1,654 pending sales, 24% fewer than today.
• The Expected Market Time for all of Orange County dropped from 71 days to 68, a slight Seller’s Market (between 60 to 90 days). It was at 124 days last year and climbing, a drastic difference compared to today.
• For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 43 days. This range represents 36% of the active inventory and 56% of demand.
• For homes priced between $750,000 and $1 million, the expected market time is 56 days, also a hot Seller’s Market. This range represents 18% of the active inventory and 22% of demand.
• For homes priced between $1 million to $1.25 million, the expected market time is 79 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 remained unchanged at 79 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 127 to 125 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 304 to 285 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 609 to 387 days.
• The luxury end, all homes above $1.25 million, accounts for 37% of the inventory and only 14% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 1.2% of all listings and 1% of demand. There are only 24 foreclosures and 36 short sales available to purchase today in all of Orange County, 60 total distressed homes on the active market, up 6 from two-weeks ago. Last year there were 65 total distressed homes on the market, nearly identical to today.
• There were 2,582 closed residential resales in October, 11% more than October 2018’s 2,334 closed sales. September marked a 1% increase compared to September 2019. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.5%. That means that 99% of all sales were good ol’ fashioned sellers with equity.