Orange County Housing Summary: September 7, 2022
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The active listing inventory in the past couple
of weeks plunged by 304 homes, down 8%, and now sits at 3,726, its lowest level
since June. In August, there were 30% fewer homes that came on the market
compared to the 3-year average prior to COVID (2017 to 2019), 1,054 less. Last
year, there were 2,289 homes on the market, 1,437
fewer homes, or 39% less. The 3-year average prior to COVID (2017 to
2019) was 6,569, or 76% more.
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Demand, the number of pending sales over the
prior month, decreased by 18 pending sales in the past two weeks, down 1%, and
now totals 1,831. It is still the lowest reading for a start to September since
2007. Last year, there were 2,682 pending sales, 46% more than today.
The 3-year average prior to COVID (2017 to 2019) was 2,438, or 33% more.
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With the supply of homes plunging
compared to the slight drop in demand falling, the Expected Market
Time, the number of days to sell all Orange County
listings at the current buying pace, decreased from 65 to 61 days in the
past couple of weeks, a Slight Seller’s Market (between 60 and 90 days). It was
at 26 days last year, much stronger than 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 43 days.
This range represents 20% of the active inventory and 28% of demand.
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For homes priced between $750,000 and $1
million, the Expected Market Time is 54 days, a Slight Seller’s Market. This
range represents 25% of the active inventory and 28% of demand.
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For homes priced between $1 million to $1.25
million, the Expected Market Time is 52 days, a Slight Seller’s Market. This
range represents 12% 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 68 days, a Slight Seller’s Market. This
range represents 11% of the active inventory and 10% of demand.
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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.
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For homes priced between $2
million and $4 million, the Expected Market Time in the past two weeks
decreased from 98 to 91 days. For homes priced between $4 million and $8 million,
the Expected Market Time increased from 159 to 161 days. For homes priced above
$8 million, the Expected Market Time increased from 225 to 407 days.
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The luxury end, all homes above $2 million,
accounts for 21% of the inventory and 12% of demand.
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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 2 short sales available to purchase today in
all of Orange County, 8 total distressed home on the active market, up 1 from
two weeks ago. Last year there were 13 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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