Orange County Housing Summary: November 8, 2022
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· The active listing inventory in the past couple of
weeks increased by 21 homes, up 1%, and now sits at 3,677. 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 1,864 homes on the market, 1,813
fewer homes, or 49% less. The 3-year average prior to COVID (2017
to 2019) was 6,010, or 63% more.
· Demand, the number of pending sales over the prior
month, plunged by 157 pending sales in the past two weeks, down 11%, and now
totals 1,270, its lowest reading since April 2020, the initial lockdowns of the
pandemic. It is the lowest level for mid-October since 2007. Last year, there
were 2,429 pending sales, 91% more than
today. The 3-year average prior to COVID (2017 to 2019) was 2,180, or 72% 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 77 to 87 days in the past couple of weeks, its
highest level since mid-May 2020. It was 23 days last year, much stronger than today.
· For homes priced below $750,000, the Expected Market
Time increased from 59 to 64 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 64 to 65 days. This range represents 22% of the
active inventory and 29% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time increased from 71 to 82 days. This range represents 12%
of the active inventory and 13% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time increased from 73 to 97 days. This range
represents 11% of the active inventory and 10% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time increased from 93 to 131 days. This range represents 13%
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 decreased from 123
to 121 days. For homes priced between $4 million and $8 million, the Expected
Market Time increased from 284 to 360 days. For homes priced above $8 million,
the Expected Market Time increased from 308 to 484 days.
· The luxury end, all homes above $2 million, accounts
for 21% of the inventory and 10% of demand.
· Distressed homes, both short sales and foreclosures
combined, made up only 0.5% of all listings and 0.2% of demand. There are only 4
foreclosures and 2 short sales available to purchase today in all of Orange
County, 6 total distressed homes on the active market, up 3 from two weeks ago.
Last year there were 9 total distressed homes on the market, similar to today.
· There were 2,011 closed residential resales in September,
33% less than September 2021’s 2,981 closed sales. September marked a 7% decrease
compared to August 2022. The sales to list price ratio was 98.2% 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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