Orange County Housing Summary: July 26, 2002
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· The active listing inventory
continued to rise, adding 238 homes in the past couple of weeks, up 6%, and now
totals 4,041 homes, breaking past the 4,000-home level for the first time since
October 2020. The rate of growth of the inventory as slowed. In June, there
were 11% fewer homes that came on the market compared to the 3-year average
prior to COVID (2017 to 2019), 418 fewer. Last year,
there were 2,537 homes on the market, 1,504 fewer homes, or 37% less.
The 3-year average prior to COVID (2017 to 2019) was 6,776, or 68% more.
· Demand, the number of pending sales
over the prior month, decreased by 17 pending sales in the past two weeks, down
1%, and now totals 1,693, its lowest level at this time of year since tracking
began in 2004. Last year, there were 2,812 pending sales, 66% more than
today. The 3-year average prior to COVID (2017 to 2019) was 2,578, or 52%
more.
· With supply rising and
demand falling, the
Expected Market Time, the number of days to sell
all Orange County listings at the current buying pace, rose from 67 to
72 days in the past couple of weeks, a Slight Seller’s Market (between 60 and
90 days). Housing is rapidly cooling, and the market time is at its highest
level since May of 2020. It was at 27 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 51 days. This range represents 19% of the active inventory and 27% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 66 days, a Slight Seller’s Market. This
range represents 25% of the active inventory and 27% of demand.
· For homes priced between $1 million
to $1.25 million, the Expected Market Time is 68 days, a Slight 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 71 days, a Slight 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 82 days, a Slight Seller’s Market
(between 60 and 90 days). This range represents 11% of the active inventory and
10% of demand.
· For homes priced between
$2 million and $4 million, the Expected Market Time in the past two weeks
increased from 98 to 107 days. For homes priced between $4 million and $8
million, the Expected Market Time increased from 159 to 173 days. For homes
priced above $8 million, the Expected Market Time decreased from 625 to 372
days.
· The luxury end, all homes above $2
million, accounts for 20% of the inventory and 10.5% 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 4 foreclosures and 2 short sales available to purchase
today in all of Orange County, 6 total distressed home on the active market,
unchanged from two weeks ago. Last year there were 12 total distressed homes on
the market, similar to today.
There were 2,362 closed residential resales in June, 33% less than June 2021’s 3,545 closed sales. June marked a 6% decrease compared to May 2022. The sales to list price ratio was 101.5% for all of Orange County. Foreclosures accounted for 0.1% of all closed sales, and there were no closed short sales. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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