Orange County Housing Summary: September 21, 2021
The active listing inventory did not change at all in the past two weeks, remaining at 2,289 homes. In August, there were 10% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed due to COVID-19), 357 less. Last year, there were 4,213 homes on the market, 1,924 additional homes, or 84% more.
Demand, the number of pending sales
over the prior month, decreased by 59 pending sales in the past two weeks, down
2%, and now totals 2,623. Last year, there were 3,256 pending sales, 24%
more than today due to a delay in the Spring Market because of COVID.
With no change in the supply and a
slight drop in demand, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, remained unchanged at 26 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 22 days. This range represents 30% of the active inventory and 35% of
demand.
For homes priced between $750,000 and
$1 million, the Expected Market Time is 19 days, a Hot Seller’s Market. This
range represents 20% 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 12% of demand.
For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 29 days, a Hot Seller’s
Market. This range represents 9% of the active inventory and 8% of demand.
For homes priced
between $1.5 million and $2 million, the Expected Market increased from 25 to
28 days. For homes priced between $2 million and $4 million, the Expected
Market Time decreased from 52 to 43 days. For homes priced above $4 million,
the Expected Market Time decreased from 124 to 122 days.
The luxury end, all homes above $1.5
million, accounts for 31% of the inventory and 17% of demand.
Distressed homes, both short sales
and foreclosures combined, made up only 0.4% of all listings and 0.3% of
demand. There are only 7 foreclosures and 2 short sales available to purchase
today in all of Orange County, 9 total distressed homes on the active market,
down 4 from two weeks ago. Last year there were 13 total distressed homes on
the market, similar to today.
There
were 3,119 closed residential resales in August, 1% less than August 2020’s
3,153 closed sales. August marked a 3% drop compared to July 2021. The sales to
list price ratio was 101.3% for all of Orange County. Foreclosures accounted
for just 0.2% of all closed sales, and
short sales accounted for 0.1%. That means that 99.7% of all sales were good ol’ fashioned sellers with equity.
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