Orange County Housing Summary: October 5, 2021
· The active listing inventory shed 110
homes in the past two weeks, down 5%, and now totals 2,179 homes. From
September 1st through the 15th, there were 12% fewer
homes that came on the market compared to the 3-year average between 2017 to
2019 (2020 was skewed due to COVID-19), 184 less. Last year, there were 4,153 homes on the market, 1,974
additional homes, or 91% more.
· Demand, the number of pending sales
over the prior month, decreased by 102 pending sales in the past two weeks,
down 4%, and now totals 2,521. Last year, there were 3,254 pending sales, 29%
more than today due to a delay in the Spring Market because of COVID.
· With large drops in both supply and
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 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 23 days. This range represents 30% of the active inventory and 34% 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 20% of the active inventory and 27% 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 13% of demand.
· For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 23 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 increased from 28 to
29 days. For homes priced between $2 million and $4 million, the Expected
Market Time decreased from 43 to 41 days. For homes priced above $4 million,
the Expected Market Time increased from 122 to 135 days.
· The luxury end, all homes above $1.5
million, accounts for 32% of the inventory and 17% 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 8 foreclosures and 3 short sales available to purchase today in all of Orange County, 11 total distressed homes on the active market, up 2 from two weeks ago. Last year there were 16 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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