Orange County Housing Summary:June 1, 2022
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The active listing inventory
continued to surge higher by 245 homes, up 10%, and now totals 2,697 homes, its
highest level since December 2020. In April, there were 17% fewer homes that
came on the market compared to the 3-year average prior to COVID (2017 to
2019), 695 fewer. Last year, there were 2,251 homes
on the market, 446 fewer homes, or 17% less. The 3-year average
prior to COVID (2017 to 2019) was 6,370, or 136% more.
Demand, the number of pending sales
over the prior month, decreased by 66 pending sales in the past two weeks, down
3%, and now totals 2,113. Intentionally ignoring the COVID lockdowns of 2020,
this is the lowest level at this time of year since 2007. Last year, there were
3,083 pending sales, 46% more than today. The 3-year average prior to
COVID (2017 to 2019) was 2,738, or 30% more.
With supply surging
higher and demand falling,
the Expected Market Time, the number of days to
sell all Orange County listings at the current buying pace, surged
higher from 34 to 38 days in the past couple of weeks, still an insanely Hot
Seller’s Market (less than 60 days), but rapidly cooling and the highest since
January of last year. It was at 22 days last year, much stronger 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 24 days. This range represents 17% of the active inventory and 28% of
demand.
For homes priced between $750,000 and
$1 million, the Expected Market Time is 35 days, a Hot Seller’s Market. This
range represents 23% of the active inventory and 26% of demand.
For homes priced between $1 million
to $1.25 million, the Expected Market Time is 34 days, a Hot Seller’s Market.
This range represents 13% of the active inventory and 14% of demand.
For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 39 days, a Hot Seller’s
Market. This range represents 11% of the active inventory and 11% of demand.
For homes priced between $1.5 million
to $2 million, the Expected Market Time is 30 days, a Hot Seller’s Market. This
range represents 10% of the active inventory and 12% of demand.
For homes priced
between $2 million and $4 million, the Expected Market Time in the past two
weeks increased from 54 to 61 days. For homes priced between $4 million and $8
million, the Expected Market Time increased from 106 to 146 days. For homes
priced above $8 million, the Expected Market Time decreased from 401 to 270
days.
The luxury end, all homes above $2
million, accounts for 25% 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% of demand.
There are only 2 foreclosures and 2 short sale available to purchase today in
all of Orange County, 4 total distressed home on the active market, up 1 from
two weeks ago. Last year there were 10 total distressed homes on the market,
similar to today.
There
were 2,565 closed residential resales in April, 26% less than April 2021’s
3,470 closed sales. April marked a 3% decrease compared to March 2022. The
sales to list price ratio was 107.2% for all of Orange County. There were no
foreclosure sales, and short sales
accounted for 0.1% of all closed sales. That means that 99.9% of all sales were
good ol’ fashioned sellers with equity.
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