Orange County Housing Summary: August 11, 2020

David Deem
714-997-3486

  • The active listing inventory decreased by 141 homes in the past two-weeks, down 3%, and now totals 4,449, its lowest level for August since tracking began in 2004. In July, there were 2% more homes placed on the market compared to last year and identical to the 5-year average; thus, COVID-19’s grip on suppressing the inventory has vanished. Last year, there were 7,488 homes on the market, 3,039 additional homes, or 68% more.
  • Demand, the number of pending sales over the prior month, increased by 81 pending sales in the past two-weeks, up 3%, and now totals 3,281, its highest level since September 2012. COVID-19 currently has no effect on demand. Last year, there were 2,606 pending sales, 21% fewer than today.
  • The Expected Market Time for all of Orange County decreased from 43 days to 41, a Hot Seller’s Market (less than 60 days). It was at 89 days last year, much slower than 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 29 days. This range represents 34% of the active inventory and 48% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 29 days, a hot Seller’s Market. This range represents 18% of the active inventory and 25% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 42 days, a hot Seller’s Market.
  • For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time decreased from 53 to 49 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 81 to 68 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 109 to 115 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 274 to 262 days.
  • The luxury end, all homes above $1.25 million, accounts for 38% of the inventory and only 17% of demand.
  • Distressed homes, both short sales and foreclosures combined, made up only 0.4% of all listings and 0.4% of demand. There are only 11 foreclosures and 7 short sales available to purchase today in all of Orange County, 18 total distressed homes on the active market, down 7 from two-weeks ago. Last year there were 48 total distressed homes on the market, slightly more than today.
  • There were 2,169 closed residential resales in June, 20% fewer than June 2019’s 2,715 closed sales. The sold data is beginning to reflect the recent surge in demand. June marked a 56% increase compared to May 2020. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.2%. That means that 99.4% of all sales were good ol’ fashioned sellers with equity.

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