Orange County Housing Summary: October 4, 2022
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· The active listing inventory in the past couple of
weeks increased by 8 homes, nearly unchanged, and now sits at 3,646. In September,
there were 24% fewer homes that came on the market compared to the 3-year
average prior to COVID (2017 to 2019), 728 less. Last year, there were 2,179 homes on the market, 1,467 fewer homes, or 40% less. The 3-year average prior
to COVID (2017 to 2019) was 6,400, or 76% more.
· Demand, the number of pending sales over the prior
month, plunged by 158 pending sales in the past two weeks, down 9%, and now
totals 1,598. It is the lowest reading for a start to October since 2007. Last
year, there were 2,521 pending sales, 58%
more than today. The 3-year average prior to COVID (2017 to 2019) was 2,262,
or 42% more.
· With demand plunging, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, increased from 62 to 68 days in the past couple of weeks. It was
at 26 days last year, much stronger than today.
· For homes priced below $750,000, the Expected Market
Time increased from 43 to 51 days. This range represents 21% of the active
inventory and 29% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 51 to 54 days. This range represents 23% of the
active inventory and 29% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time increased from 54 to 58 days. 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 increased from 62 to 73 days. 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 increased from 85 to 86 days. This range represents 11%
of the active inventory and 9% of demand.
· For homes priced between $2 million and
$4 million, the Expected Market Time in the past two weeks increased from 113
to 133 days. For homes priced between $4 million and $8 million, the Expected
Market Time decreased from 220 to 215 days. For homes priced above $8 million,
the Expected Market Time increased from 325 to 454 days.
· The luxury end, all homes above $2 million, accounts
for 23% of the inventory and 10% of demand.
· Distressed homes, both short sales and foreclosures
combined, made up only 0.2% of all listings and 0.4% of demand. There are only 2
foreclosures and 4 short sales available to purchase today in all of Orange
County, 6 total distressed home on the active market, down 2 from two weeks
ago. Last year there were 11 total distressed homes on the market, similar to
today.
· 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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