Orange County Housing Summary: March 8, 2022

David Deem
714-997-3486

  •   The active listing inventory increased by 48 homes, up 4%, and now totals 1,406 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 2,366 homes on the market, 960 additional homes, or 68% more.
  •  Demand, the number of pending sales over the prior month, increased by 197 pending sales in the past two weeks, up 10%, and now totals 2,195. Last year, there were 2,958 pending sales, 35% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,422, or 10% more.
  •  With demand increasing faster than the 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 20 to 19 days in the past couple of weeks, an insanely Hot Seller’s Market (less than 60 days) and the lowest level since tracking began 19 years ago. It was at 24 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 23% of the active inventory and 30% of demand.
  •  For homes priced between $750,000 and $1 million, the Expected Market Time is 15 days, a Hot Seller’s Market. This range represents 21% of the active inventory and 26% of demand.
  •  For homes priced between $1 million to $1.25 million, the Expected Market Time is 15 days, a Hot Seller’s Market. This range represents 9% of the active inventory and 12% of demand.
  •  For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 17 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 19 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 increased from 30 to 35 days. For homes priced between $4 million and $8 million, the Expected Market Time decreased from 58 to 48 days. For homes priced above $8 million, the Expected Market Time decreased from 184 to 166 days.
  • The luxury end, all homes above $2 million, accounts for 29% 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 is only 1 foreclosure and 1 short sale available to purchase today in all of Orange County, 2 total distressed homes on the active market, down 1 from two weeks ago. Last year there were 7 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.

DRE#01266522

 

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