Orange County Housing Summary
The active listing inventory decreased by 27 homes in the past two-weeks, down 1%, and now totals 2,247, its second lowest level since tracking began in 2004 behind 2,240 achieved on April 1st. In April, there were 13% fewer homes that came on the market compared to 5-year average between 2015 to 2019 (2020 was skewed do to COVID-19), 516 less. Last year, there were 4,867 homes on the market, 2,620 additional homes, or 117% more.
Demand, the number of pending sales over the prior month, increased by 46 pending sales in the past two-weeks, up 1%, and now totals 3,127. Rates remain below 3%, maintaining demand’s current brisk pace. Last year, there were 1,622 pending sales, 48% fewer than today. Keep in mind, it was the start of the pandemic too, which negatively affected demand through the end of May.
The Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, remained unchanged at 22 days in the past couple of weeks, an extremely Hot Seller’s Market (less than 60 days). It was at 90 days last year, 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 16 days. This range represents 29% of the active inventory and 38% of demand.
For homes priced between $750,000 and $1 million, the Expected Market Time is 16 days, a Hot Seller’s Market. This range represents 19% of the active inventory and 25% of demand.
For homes priced between $1 million to $1.25 million, the Expected Market Time is 15 days, a Hot Seller’s Market.
For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 22 days, a Hot Seller’s Market.
For homes priced between $1.5 million and $2 million, the Expected Market Time remained unchanged at 22 days. For homes priced between $2 million and $4 million, the Expected Market Time decreased from 46 to 41 days. For homes priced above $4 million, the Expected Market Time decreased from 137 to 114 days.
The luxury end, all homes above $1.5 million, accounts for 35% of the inventory and 16% of demand.
Distressed homes, both short sales and foreclosures combined, made up only 0.6% of all listings and 0.4% of demand. There are only 9 foreclosures and 5 short sales available to purchase today in all of Orange County, 14 total distressed homes on the active market, up 2 from two-weeks ago. Last year there were 42 total distressed homes on the market, more than today.
There were 3,470 closed residential resales in April, 103% more than April 2020’s 1,712 closed sales. March marked an 8% rise over March 2021. It was the strongest closing month since 2005. The sales to list price ratio was 100.3% for all of Orange County. Foreclosures accounted for just 0.1% of all closed sales, and short sales accounted for 0.1%. That means that 99.8% of all sales were good ol’ fashioned sellers with equity.