Orange County Housing Summary: August 9, 2022
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· The active listing inventory is
approaching a peak and rose by only 28 homes in the past couple of weeks, less
than 1%, and now totals 4,069 homes, its highest level since October 2020. 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, 1,549 fewer
homes, or 38% less. The 3-year average prior to COVID (2017 to 2019)
was 6,753, or 66% more.
· Demand, the number of pending sales
over the prior month, increased by 119 pending sales in the past two weeks, up
7%, and now totals 1,812, its largest rise since the start of March. It is
still the lowest reading for a start to August since 2007. Last year, there
were 2,809 pending sales, 55% more than today. The 3-year average prior
to COVID (2017 to 2019) was 2,630, or 45% more.
· With supply only rising
slightly compared to the jump in demand, the Expected Market Time, the
number of days to sell all Orange County listings at the current buying pace,
decreased from 72 to 67 days in the past couple of weeks, a Slight Seller’s
Market (between 60 and 90 days). 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 46 days. This range represents 19% of the active inventory and 28% of
demand.
· For homes priced between $750,000 and
$1 million, the Expected Market Time is 68 days, a Slight Seller’s Market. This
range represents 26% of the active inventory and 25% of demand.
· For homes priced between $1 million
to $1.25 million, the Expected Market Time is 56 days, a Hot Seller’s Market.
This range represents 12% of the active inventory and 15% of demand.
· For homes priced between $1.25
million to $1.5 million, the Expected Market Time is 66 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 80 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 107 to 99 days. For homes priced between $4 million and $8
million, the Expected Market Time increased from 173 to 179 days. For homes
priced above $8 million, the Expected Market Time decreased from 372 to 320
days.
· The luxury end, all homes above $2 million,
accounts for 21% of the inventory and 11.5% of demand.
· Distressed homes, both short sales
and foreclosures combined, made up only 0.2% of all listings and 0.2% of
demand. There are only 6 foreclosures and 1 short sale available to purchase
today in all of Orange County, 7 total distressed home on the active market, up
one from two weeks ago. Last year there were 13 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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