Orange County Housing Summary: December 13, 2022

David Deem
714-997-3486

·       The active listing inventory in the past couple of weeks decreased by 104 homes, down 3%, and now sits at 3,182, its lowest level since the start of June. In November, there were 32% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 718 less. Last year, there were 1,363 homes on the market, 1,819 fewer homes, or 57% less. The 3-year average prior to COVID (2017 to 2019) was 4,988, or 57% more.

·       Demand, the number of pending sales over the prior month, plunged by 79 pending sales in the past two weeks, down 7%, and now totals 1,133, its lowest level since April 2020, the start of the pandemic. Last year, there were 1,944 pending sales, 72% more than today. The 3-year average prior to COVID (2017 to 2019) was 1,774, or 57% more.

·       With demand dropping faster than supply, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, increased from 81 to 84 days in the past couple of weeks. It was 21 days last year, much stronger than today. 

·       For homes priced below $750,000, the Expected Market Time remained unchanged at 62 days. This range represents 23% of the active inventory and 31% of demand.

·       For homes priced between $750,000 and $1 million, the Expected Market Time increased from 68 to 71 days. This range represents 22% of the active inventory and 26% of demand.

·       For homes priced between $1 million to $1.25 million, the Expected Market Time increased from 68 to 80 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 81 days. This range represents 10% of the active inventory and 10% of demand.

·       For homes priced between $1.5 million to $2 million, the Expected Market Time decreased from 99 to 95 days. This range represents 11% of the active inventory and 10% of demand.

·       For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks decreased from 144 to 138 days. For homes priced between $4 million and $8 million, the Expected Market Time decreased from 527 to 503 days. For homes priced above $8 million, the Expected Market Time decreased from 420 to 386 days.

·       The luxury end, all homes above $2 million, accounts for 24% of the inventory and 10% of demand.

·       Distressed homes, both short sales and foreclosures combined, made up only 0.4% of all listings and 0.3% of demand. There are only 7 foreclosures and 5 short sales available to purchase today in all of Orange County, 12 total distressed homes on the active market, up 4 from two weeks ago. Last year there were 8 total distressed homes on the market, similar to today.

·       There were 1,427 closed residential resales in November, 44% less than November 2021’s 2,570 closed sales. November marked a 17% decrease compared to October 2022. The sales to list price ratio was 97.5% for all of Orange County. There were no foreclosures and no short sales in November. That means that 100% of all sales were good ol’ fashioned sellers with equity.

 

DRE#01266522

 

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