Orange County Housing Summary: February 23, 2022
· The active listing inventory increased by 88 homes, up 7%, and now totals 1,358 homes, its lowest level for this time of the year since tracking began 19 years ago. In January, there were 23% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 709 fewer. Last year, there were 2,438 homes on the market, 1,080 additional homes, or 80% more.
· Demand, the number of pending sales
over the prior month, surged by 315 pending sales in the past two weeks, up 19%,
and now totals 1,998. Last year, there were 2,863 pending sales, 43% more
than today due to the impact of COVID on housing. The 3-year average prior
to COVID (2017 to 2019) was 2,393, or 20% more.
· With demand surging
compared to the smaller rise in the inventory, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, dropped from 23 to 20 days in the past couple of weeks, an insanely
Hot Seller’s Market (less than 60 days). 20 days ties the lowest reading since
tracking began 19 years ago, which was also reached in November and December
2021. It was at 26 days in mid-February last year, similar to 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 15 days. This range represents 23% of the active inventory and 30% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 16 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 17 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 18 days, a Hot Seller’s
Market. This range represents 9% of the active inventory and 10% of demand.
· For homes priced between $1.5 million
to $2 million, the Expected Market Time is 25 days, a Hot Seller’s Market. This
range represents 11% of the active inventory and 9% of demand.
· For homes priced
between $2 million and $4 million, the Expected Market in the past two weeks decreased
from 34 to 30 days. For homes priced between $4 million and $8 million, the
Expected Market Time decreased from 79 to 58 days. For homes priced above $8
million, the Expected Market Time decreased from 219 to 184 days.
· The luxury end, all homes above $2
million, accounts for 27% of the inventory and 12% of demand.
· Distressed homes, both short sales
and foreclosures combined, made up only 0.2% of all listings and 0.2% of
demand. There are only 2 foreclosure and 1 short sale available to purchase
today in all of Orange County, 3 total distressed homes on the active market, unchanged
from two weeks ago. Last year there were 6 total distressed homes on the
market, similar to today.
· There were 1,811 closed residential resales in January,
20% less than January 2021’s 2,250 closed sales. January marked a 27% drop
compared to December 2021. The sales to list price ratio was 102.3% for all of
Orange County. Foreclosures accounted for just 0.3% of all closed sales, and there were no closed short sales. That
means that 99.7% of all sales were good ol’
fashioned sellers with equity.
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