Orange County Housing Summary: December 6, 2022
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The active
listing inventory in the past couple of weeks plunged by 295 homes, down 8%,
and now sits at 3,286, its lowest level since the start of 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 1,457 homes on the market, 1,829 fewer homes, or 56% less. The 3-year
average prior to COVID (2017 to 2019) was 5,359, or 63% more.
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Demand, the
number of pending sales over the prior month, increased by 10 pending sales in
the past two weeks, up 1%, and now totals 1,212, its first rise since the last
two weeks of August. Last year, there were 2,221 pending sales, 83% more than today. The 3-year
average prior to COVID (2017 to 2019) was 1,969, or 62% more.
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With
supply plunging and demand rising, the
Expected Market Time, the number of days to sell
all Orange County listings at the current buying pace, decreased from 89
to 81 days in the past couple of weeks, its lowest level since mid-October. It was
20 days last year, much stronger than today.
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For homes priced
below $750,000, the Expected Market Time decreased from 71 to 62 days. This
range represents 24% of the active inventory and 31% of demand.
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For homes priced
between $750,000 and $1 million, the Expected Market Time decreased from 72 to 68
days. This range represents 22% of the active inventory and 26% of demand.
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For homes priced
between $1 million to $1.25 million, the Expected Market Time decreased from 77
to 68 days. 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 decreased from 95
to 73 days. This range represents 10% of the active inventory and 11% of demand.
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For homes priced
between $1.5 million to $2 million, the Expected Market Time decreased from 110
to 99 days. This range represents 11% 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 137 to 144 days. For homes priced between $4 million and
$8 million, the Expected Market Time increased from 365 to 527 days. For homes
priced above $8 million, the Expected Market Time increased from 220 to 420
days.
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The luxury end,
all homes above $2 million, accounts for 25% of the inventory and 10% 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 5 foreclosures and 3 short sales available
to purchase today in all of Orange County, 8 total distressed homes on the
active market, up 1 from two weeks ago. Last year there were 7 total distressed
homes on the market, similar to today.
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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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