Orange County Housing Summary: February 7, 2023
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· The active listing inventory in the past couple of
weeks decreased by 121 homes, down 5%, and now sits at 2,415, the second lowest
level to start February since tracking began. In January, 45% fewer homes came
on the market compared to the 3-year average before COVID (2017 to 2019), 684
less. Last year, there were 1,270 homes on the
market, 1,145 fewer homes, or 47% less.
The 3-year average before COVID (2017 to 2019) was 4,695, or 94% more.
· Demand, the number of pending sales over the prior
month, soared higher by 361 pending sales in the past two weeks, up 38%, and
now totals 1,300, its largest two-week rise since February 2021. Last year,
there were 1,683 pending sales, 29%
more than today. The 3-year average before COVID (2017 to 2019) was 2,083,
or 60% more.
· With demand soaring and the supply falling, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, plunged from 81 to 56 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 decreased from 63 to 43 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 59 to 41 days. This range represents 20% of the
active inventory and 27% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 72 to 47 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 77 to 62 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 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 116 to 98 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 245 to 225 days. For homes priced above $6 million, the Expected Market
Time decreased from 882 to 523 days.
· The luxury end, all homes above $2 million, account
for 25% of the inventory and 10% of demand.
· Distressed homes, both short sales, and foreclosures
combined, comprised only 0.3% of all listings and 0.5% of demand. There are
only two foreclosures and five short sales available to purchase today in all
of Orange County, with seven total distressed homes on the active market, down four
from two weeks ago. Last year there were three 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 closed sales and no short sales in December. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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