Orange County Housing Summary: November 16, 2021
· The active listing inventory shed 71
homes in the past two weeks, down 4%, and now totals 1,793 homes, its lowest
level since tracking. In October, there were 14% fewer homes that came on the
market compared to the 3-year average prior to COVID (2017 to 2019), 408 less.
Last year, there were 3,843 homes on the market,
2,050 additional homes, or 114% more.
· Demand, the number of pending sales
over the prior month, decreased by 107 pending sales in the past two weeks,
down 4%, and now totals 2,322. Last year, there were 2,799 pending sales, 21%
more than today due to a four-month delay in the Spring Market because of
COVID.
· With a similar drop 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 23 days in the past couple of weeks, an extremely Hot Seller’s
Market (less than 60 days). It was at 41 days last year, 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 19 days. This range represents 28% of the active inventory and 33% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 18 days, a Hot Seller’s Market. This
range represents 21% of the active inventory and 27% of demand.
· For homes priced between $1 million
to $1.25 million, the Expected Market Time is 18 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 20 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 24 to
25 days. For homes priced between $2 million and $4 million, the Expected
Market Time decreased from 54 to 42 days. For homes priced above $4 million,
the Expected Market Time decreased from 126 to 94 days.
· The luxury end, all homes above $1.5
million, accounts for 33% of the inventory and 18% 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 8 foreclosures and 2 short sales available to purchase today in all of Orange County, 10 total distressed homes on the active market, up 1 from two weeks ago. Last year there were 12 total distressed homes on the market, similar to today.
There were 2,778 closed residential resales in October, 17% less than October 2020’s 3,359 closed sales. For the year, through October, there have been 30,097 closed sales, 23% higher than last year. September marked a 7% drop compared to September 2021. The sales to list price ratio was 100.5% for all of Orange County. Foreclosures accounted for just 0.29% of all closed sales, and short sales accounted for 0.04%. That means that 99.7% of all sales were good ol’ fashioned sellers with equity.
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