Orange County Housing Summary: September 20, 2022
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The active
listing inventory in the past couple of weeks decreased by 304 homes, down 2%,
and now sits at 3,638, 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, 1,349
fewer homes, or 37% less. The 3-year average prior to COVID (2017
to 2019) was 6,520, or 79% more.
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Demand, the
number of pending sales over the prior month, decreased by 75 pending sales in
the past two weeks, down 4%, and now totals 1,756. It is still the lowest
reading for mid- September since 2007. Last year, there were 2,623 pending
sales, 49% more than today. The
3-year average prior to COVID (2017 to 2019) was 2,363, or 35% more.
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With
demand dropping faster than the supply of homes, the Expected Market Time, the number of
days to sell all Orange County listings at the current buying pace, increased
from 61 to 62 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 29% of demand.
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For homes priced
between $750,000 and $1 million, the Expected Market Time is 51 days, a Hot
Seller’s Market. This range represents 24% of the active inventory and 29% of
demand.
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For homes priced
between $1 million to $1.25 million, the Expected Market Time is 54 days, a Hot
Seller’s Market. This range represents 12% of the active inventory and 13% of
demand.
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For homes priced
between $1.25 million to $1.5 million, the Expected Market Time is 62 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 85 days, a Slight
Seller’s Market. This range represents 12% of the active inventory and 9% of
demand.
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For
homes priced between $2 million and $4 million, the Expected Market Time in the
past two weeks increased from 91 to 113 days. For homes priced between $4
million and $8 million, the Expected Market Time increased from 161 to 220 days.
For homes priced above $8 million, the Expected Market Time decreased from 407
to 325 days.
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The luxury end,
all homes above $2 million, accounts for 22% of the inventory and 9% of demand.
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Distressed homes,
both short sales and foreclosures combined, made up only 0.2% of all listings
and 0.1% of demand. There are only 5 foreclosures and 3 short sales available
to purchase today in all of Orange County, 8 total distressed home on the
active market, unchanged from two weeks ago. Last year there were 13 total
distressed homes on the market, similar to today.
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There were 2,168 closed
residential resales in August, 30% less than August 2021’s 3,119 closed sales. August
marked an 11% increase compared to July 2022. The sales to list price ratio was
99.0% for all of Orange County. Foreclosures accounted for 0.1% of all closed
sales, and there were no short sales. That
means that 99.9% of all sales were good ol’
fashioned sellers with equity.
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