Orange County Housing Summary
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· The active listing inventory in the past couple of
weeks decreased by 96 homes, down 3%, and now sits at 3,581, its lowest level
since June. In October, there were 35% fewer homes that came on the market
compared to the 3-year average prior to COVID (2017 to 2019), 1,042 less. Last
year, there were 1,793 homes on the market, 1,788 fewer homes, or 50% less. The 3-year
average prior to COVID (2017 to 2019) was 5,822, or 63% more.
· Demand, the number of pending sales over the prior
month, decreased by 68 pending sales in the past two weeks, down 5%, and now
totals 1,202, its lowest reading since April 2020, the initial lockdown of the
pandemic. It is the lowest level for November since tracking began in 2004.
Last year, there were 2,322 pending sales, 93% more than today. The 3-year average prior to COVID (2017 to
2019) was 2,139, or 78% more.
· With demand dropping a bit faster than
the inventory, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, increased slightly from 87 to 89 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 64 to 71 days. This range represents 23% of the active
inventory and 29% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 65 to 72 days. This range represents 22% of the
active inventory and 27% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 82 to 77 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 decreased from 97 to 95 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 decreased from 131 to 110 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 121 to 137 days.
For homes priced between $4 million and $8 million, the Expected Market Time
increased from 360 to 364 days. For homes priced above $8 million, the Expected
Market Time decreased from 484 to 220 days.
· The luxury end, all homes above $2 million, accounts
for 23% of the inventory and 12% 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 4
foreclosures and 3 short sales available to purchase today in all of Orange
County, 7 total distressed homes on the active market, up 1 from two weeks ago.
Last year there were 10 total distressed homes on the market, similar to today.
· There were 1,726 closed residential resales in October,
38% less than October 2021’s 2,778 closed sales. September marked a 14% decrease
compared to September 2022. The sales to list price ratio was 98.7% for all of
Orange County. Foreclosures accounted for 0.2% of all closed sales, and there were no short sales. That means that
99.8% of all sales were good ol’
fashioned sellers with equity.
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