Orange County Housing Summary: January 10, 2023
.png)
·
Demand, the
number of pending sales over the prior month, plunged by 138 pending sales in
the past two weeks, down 13%, and now totals 900, its lowest start to a year
since tracking began in 2004. Last year, there were 1,1298 pending sales, 44% more than today. The 3-year average
prior to COVID (2017 to 2019) was 1,349, or 50% 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 76 to 84 days in the past couple of weeks. It was 20
days last year, much stronger than today.
·
For homes priced
below $750,000, the Expected Market Time increased from 58 to 62 days. This
range represents 23% of the active inventory and 32% of demand.
·
For homes priced
between $750,000 and $1 million, the Expected Market Time increased from 66 to 69
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 increased from 64
to 73 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 64
to 79 days. This range represents 9% of the active inventory and 10% of demand.
·
For homes priced
between $1.5 million to $2 million, the Expected Market Time decreased from 122
to 117 days. This range represents 11% of the active inventory and 8% of demand.
·
For homes priced
between $2 million and $4 million, the Expected Market Time in the past two
weeks increased from 100 to 144 days. For homes priced between $4 million and
$8 million, the Expected Market Time increased from 483 to 518 days. For homes
priced above $8 million, the Expected Market Time decreased from 258 to 227
days.
·
The luxury end,
all homes above $2 million, accounts for 24% of the inventory and 11% 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 8 foreclosures and 7 short sales available
to purchase today in all of Orange County, 15 total distressed homes on the
active market, up 1 from two weeks ago. Last year there were 9 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.
Comments
Post a Comment