Orange County Housing Summary: August 23, 2022
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· The active listing appears to have
reached a peak a couple of weeks ago with a 39 home drop, or 1%, and now sits
at 4,030 homes. In July, there were 19% fewer homes that came on the market
compared to the 3-year average prior to COVID (2017 to 2019), 721 fewer. Last
year, there were 2,528 homes on the market, 1,502
fewer homes, or 37% less. The 3-year average prior to COVID (2017 to
2019) was 6,723, or 67% more.
· Demand, the number of pending sales
over the prior month, increased by 37 pending sales in the past two weeks, up 2%,
and now totals 1,849. It is still the lowest reading for mid-August since 2007.
Last year, there were 2,694 pending sales, 46% more than today. The
3-year average prior to COVID (2017 to 2019) was 2,574, or 39% more.
· With supply falling and
demand rising, the
Expected Market Time, the number of days to sell
all Orange County listings at the current buying pace, decreased from 67
to 65 days in the past couple of weeks, a Slight Seller’s Market (between 60
and 90 days). It was at 28 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 47 days. This range represents 20% of the active inventory and 28% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 62 days, a Slight Seller’s Market. This
range represents 25% of the active inventory and 26% of demand.
· For homes priced between $1 million
to $1.25 million, the Expected Market Time is 60 days, a Slight Seller’s
Market. This range represents 12% of the active inventory and 14% of demand.
· For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 65 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 75 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 decreased from 99 to 98 days. For homes priced between $4 million and $8
million, the Expected Market Time decreased from 179 to 159 days. For homes
priced above $8 million, the Expected Market Time decreased from 320 to 225
days.
· The luxury end, all homes above $2
million, accounts for 21% of the inventory and 12% of demand.
· Distressed homes, both short sales
and foreclosures combined, made up only 0.2% of all listings and 0.3% of
demand. There are only 5 foreclosures and 2 short sales available to purchase
today in all of Orange County, 7 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 1,959 closed residential resales in July, 39% less than July 2021’s 3,205 closed sales. July marked a 17% decrease compared to June 2022. The sales to list price ratio was 100.7% for all of Orange County. Foreclosures accounted for 0.05% of all closed sales, and short sales accounted for 0.05%. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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