Orange County Housing Summary: April 19, 2022
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The active listing inventory surged higher by
180 homes, up 12%, and now totals 1,732 homes, still its lowest level for this
time of the year since tracking began 18 years ago. In the first couple of
weeks of April, there were 23% fewer homes that came on the market compared to
the 3-year average prior to COVID (2017 to 2019), 476 fewer. Last year, there were 2,384 homes on the market, 652 additional
homes, or 38% more.
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Demand, the number of pending sales over the
prior month, decreased by 45 pending sales in the past two weeks, down 2%, and
now totals 2,241, its first drop of the year. Last year, there were 3,070
pending sales, 37% more than today. The 3-year average prior to COVID
(2017 to 2019) was 2,777, or 24% more.
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With supply surging higher and
demand dropping, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, increased from 20 to 23 days in the past couple
of weeks, still an insanely Hot Seller’s Market (less than 60 days). It was at
23 days last year, identical to today.
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For homes priced below $750,000, the market is
a Hot Seller’s Market (less than 60 days) with an Expected Market Time of 17
days. This range represents 19% of the active inventory and 27% of demand.
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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
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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 11% of the active inventory and 14% of demand.
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For homes priced between $1.25 million to $1.5
million, the Expected Market Time is 21 days, a Hot Seller’s Market. This range
represents 10% of the active inventory and 11% of demand.
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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 10% of demand.
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For homes priced between $2 million
and $4 million, the Expected Market Time in the past two weeks increased from
34 to 40 days. For homes priced between $4 million and $8 million, the Expected
Market Time decreased from 91 to 84 days. For homes priced above $8 million,
the Expected Market Time decreased from 267 to 157 days.
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The luxury end, all homes above $2 million,
accounts for 28% of the inventory and 11% of demand.
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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 no short sales available to purchase today in
all of Orange County, 1 total distressed home on the active market, down 2 from
two weeks ago. Last year there were 11 total distressed homes on the market,
similar to today.
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