Orange County Housing Summary: March 22, 2022
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· The active listing inventory increased by 150 homes, up 11%, and now totals 1,556 homes, its lowest level for this time of the year since tracking began 19 years ago. In February, there were 13% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 416 fewer. Last year, there were 2,349 homes on the market, 793 additional homes, or 51% more.
· Demand, the number of pending sales over the prior month, increased by 89 pending sales in the past two weeks, up 4%, and now totals 2,284. Last year, there were 3,110 pending sales, 36% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,517, or 10% more.
· With the inventory rising faster than demand, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, increased from 19 to 20 days in the past couple of weeks, an insanely Hot Seller’s Market (less than 60 days). It was at 23 days 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 21% of the active inventory and 29% of demand.
· For homes priced between $750,000 and $1 million, the Expected Market Time is 17 days, a Hot Seller’s Market. This range represents 22% 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 11% 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 11% of demand.
· For homes priced between $1.5 million to $2 million, the Expected Market Time is 20 days, a Hot Seller’s Market. This range represents 10% of the active inventory and 10% of demand.
· For homes priced between $2 million and $4 million, the Expected Market in the past two weeks decreased from 35 to 33 days. For homes priced between $4 million and $8 million, the Expected Market Time increased from 48 to 75 days. For homes priced above $8 million, the Expected Market Time increased from 166 to 195 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 0.1% of all listings and 0.2% of demand. There are only 2 foreclosures and no short sales available to purchase today in all of Orange County, 2 total distressed homes on the active market, unchanged from two weeks ago. Last year there were 11 total distressed homes on the market, similar to today.
· There were 1,774 closed residential resales in February, 22% less than February 2021’s 2,283 closed sales. February marked a 2% drop compared to January 2022. The sales to list price ratio was 103.7% for all of Orange County. Foreclosures accounted for just 0.2% of all closed sales, and short sales accounted for 0.3%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.
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