Orange County Housing Summary: August 24, 2021
The active listing inventory increased by 8 homes in the past two-weeks, nearly unchanged, and now totals 2,528. In July, there were 4% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed do to COVID-19), 152 less. Last year, there were 4,320 homes on the market, 1,792 additional homes, or 71% more.
Demand, the number of pending sales
over the prior month, decreased by 115 pending sales in the past two-weeks,
down 4%, and now totals 2,694. Last year, there were 3,323 pending sales, 23%
more than today, due to a delayed Spring Market.
With not much of a change in supply
or demand, the Expected Market Time, the number of
days to sell all Orange County listings at the current buying pace,
increased from 27 to 28 days in the past couple of weeks, an extremely Hot
Seller’s Market (less than 60 days). It was at 39 days last year slightly
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 24 days. This range represents 29% of the active inventory and 35% of
demand.
For homes priced between $750,000 and
$1 million, the Expected Market Time is 22 days, a Hot Seller’s Market. This
range represents 22% of the active inventory and 28% of demand.
For homes priced between $1 million
to $1.25 million, the Expected Market Time is 22 days, a Hot Seller’s Market.
This range represents 10% of the active inventory and 13% of demand
For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 24 days, a Hot Seller’s
Market. This range represents 8% of the active inventory and 9% of demand
For homes priced
between $1.5 million and $2 million, the Expected Market Time decreased from 31
to 25 days. For homes priced between $2 million and $4 million, the Expected
Market Time increased from 52 to 62 days. For homes priced above $4 million,
the Expected Market Time increased from 128 to 132 days.
The luxury end, all homes above $1.5
million, accounts for 31% of the inventory and 16% of demand.
Distressed homes, both short sales
and foreclosures combined, made up only 0.5% of all listings and 0.3% 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,
down 1 from two-weeks ago. Last year there 15 total distressed homes on the
market, very similar to today.
There were 3,205 closed residential
resales in June, 6% more than July 2020’s 3,011 closed sales. July marked a 10%
drop compared to June 2021. The sales to list price ratio was 101.5% for all of
Orange County. Foreclosures accounted for just 0.2% of all closed sales, and short sales accounted for 0.2%. That means
that 99.6% of all sales were good ol’
fashioned sellers with equity.
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