Orange County Housing Summary: January 24, 2023
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· The active listing inventory in the past couple of
weeks increased by 6 homes, nearly unchanged, and now sits at 2,536, the second
lowest level in mid-January since tracking began. In December, there were 32%
fewer homes that came on the market compared to the 3-year average before COVID
(2017 to 2019), 483 less. Last year, there were 1,080
homes on the market, 1,456 fewer homes,
or 57% less. The 3-year average before COVID (2017 to 2019) was
4,640, or 83% more.
· Demand, the number of pending sales over the prior
month, increased by 39 pending sales in the past two weeks, up 4%, and now
totals 939. Last year, there were 1,426 pending sales, 52% more than today. The 3-year average before COVID (2017 to
2019) was 1,349, or 50% more.
· With demand rising and the supply not
changing, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, decreased from 84 to 81 days in the past couple
of weeks. It was 23 days last year, much stronger than today.
· For homes priced below $750,000, the Expected Market
Time increased from 62 to 63 days. This range represents 24% of the active
inventory and 30% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 69 to 59 days. This range represents 21% of the
active inventory and 28% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 73 to 72 days. This range represents 11%
of the active inventory and 13% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time decreased from 79 to 77 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 increased from 117 to 127 days. This range represents 12%
of the active inventory and 7% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks decreased from 144 to 116 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 238 to 245 days. For homes priced above $6 million, the Expected Market
Time increased from 518 to 882 days.
· The luxury end, all homes above $2 million, account
for 19% of the inventory and 9% of demand.
· Distressed homes, both short sales, and foreclosures
combined, made up only 0.4% of all listings and 0.6% of demand. There are only 5
foreclosures and 6 short sales available to purchase today in all of Orange
County, 11 total distressed homes on the active market, down 4 from two weeks
ago. Last year there were 2 total distressed homes on the market, similar to
today.
· There were 1,393 closed residential resales in December,
44% less than December 2021’s 2,486 closed sales. December marked a 2% decrease
compared to November 2022. The sales-to-list price ratio was 98.4% for all of
Orange County. Foreclosures accounted for 0.1% of all closes sales and there were
no short sales in December. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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