Orange County Housing Summary: July 27, 2021
· The active listing inventory
increased by 9 homes in the past two-weeks, nearly unchanged, and now totals
2,537, its highest level since January. In June, there were 12% fewer homes
that came on the market compared to 5-year average between 2015 to 2019 (2020
was skewed do to COVID-19), 476 less. Last year,
there were 4,590 homes on the market, 2,053 additional homes, or 81% more.
· Demand, the number of pending sales
over the prior month, increased by 51 pending sales in the past two-weeks, up
2%, and now totals 2,812. Last year, there were 3,200 pending sales, 14%
more than today, due to a delayed Spring Market.
· With a slight increase in the supply
and an increase in demand, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, remained unchanged at 27 days in the past couple of weeks, its
highest level since February, but still an extremely Hot Seller’s Market (less
than 60 days). It was at 43 days last year and getting hotter.
· For homes priced below $750,000, the
market is a Hot Seller’s Market (less than 60 days) with an Expected Market
Time of 20 days. This range represents 28% of the active inventory and 37% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 23 days, a Hot Seller’s Market. This
range represents 22% of the active inventory and 26% of demand.
· For homes priced between $1 million
to $1.25 million, the Expected Market Time is 23 days, a Hot Seller’s Market.
This range represents 20% of the active inventory and 12% of demand
· For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 28 days, a Hot Seller’s
Market. This range represents 9% of the active inventory and 9% of demand
· For homes priced
between $1.5 million and $2 million, the Expected Market Time decreased from 30
to 28 days. For homes priced between $2 million and $4 million, the Expected
Market Time remained unchanged at 55 days. For homes priced above $4 million,
the Expected Market Time decreased from 168 to 131 days.
· The luxury end, all homes above $1.5
million, accounts for 31% of the inventory and 15% of demand.
· Distressed homes, both short sales
and foreclosures combined, made up only 0.5% of all listings and 0.4% of demand.
There are only 7 foreclosures and 5 short sales available to purchase today in
all of Orange County, 12 total distressed homes on the active market, up 5 from
two-weeks ago. Last year there were 25 total distressed homes on the market,
slightly more than today.
· There were 3,545 closed residential
resales in June, 63% more than June 2020’s 2,169 closed sales. June marked a
10% increase compared to May 2021. The sales to list price ratio was 101.4% 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.
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