Orange County Housing Summary: September 8, 2021
The active listing inventory
decreased by 239 homes in the past two-weeks, down 9%, and now totals 2,289,
its largest drop of the year. In August, there were 12% fewer homes that came
on the market compared to the 3-year average between 2017 to 2019 (2020 was
skewed do to COVID-19), 412 less. Last year, there
were 4,252 homes on the market, 1,963 additional homes, or 86% more.
Demand, the number of pending sales
over the prior month, decreased by 12 pending sales in the past two-weeks,
nearly unchanged, and now totals 2,682. Last year, there were 3,340 pending
sales, 25% more than today and a four-month delayed peak due to COVID.
With a large drop in the supply and
demand nearly unchanged, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, decreased from 28 to 26 days in the past couple of weeks, its
hottest level since June and an extremely Hot Seller’s Market (less than 60
days). It was at 38 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 21 days. This range represents 29% of the active inventory and 36% of
demand.
For homes priced between $750,000 and
$1 million, the Expected Market Time is 20 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 19 days, a Hot Seller’s Market. This
range represents 9% 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 8% of the active inventory and 8% of demand
For homes priced
between $1.5 million and $2 million, the Expected Market Time remained
unchanged at 25 days. For homes priced between $2 million and $4 million, the
Expected Market Time decreased from 62 to 52 days. For homes priced above $4
million, the Expected Market Time decreased from 132 to 124 days.
The luxury end, all homes above $1.5
million, accounts for 32% of the inventory and 16% of demand.
Distressed homes, both short sales
and foreclosures combined, made up only 0.6% of all listings and 0.3% of demand.
There are only 10 foreclosures and 3 short sales available to purchase today in
all of Orange County, 13 total distressed homes on the active market, up 1 from
two-weeks ago. Last year there were 13 total distressed homes on the market,
identical to today.
There
were 3,205 closed residential resales in July, 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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