Orange County Housing Summary: February 22, 2033
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· The active listing inventory in the past couple of
weeks decreased by 110 homes, down 5%, and now sits at 2,305, the second-lowest
mid-February level since tracking began. In January, 45% fewer homes came on
the market compared to the 3-year average before COVID (2017 to 2019), 1,375
less. Last year, there were 1,378 homes on the
market, 947 fewer homes, or 41% less. The 3-year average before
COVID (2017 to 2019) was 4,977, or 116% more.
· Demand, the number of pending sales over the prior
month, soared higher by 237 pending sales in the past two weeks, up 18%, and
now totals 1,537. Last year, there were 1,998 pending sales, 30% more than
today. The 3-year average before COVID (2017 to 2019) was 2,393, or 56%
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 56 to 45 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 decreased from 43 to 38 days. This range represents 24% of the active
inventory and 28% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 41 to 32 days. This range represents 19% of the
active inventory and 27% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 47 to 33 days. This range represents 10%
of the active inventory and 14% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time decreased from 55 to 45 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 62 to 44 days. This range represents 10%
of the active inventory and 11% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks decreased from 98 to 82 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 225 to 216 days. For homes priced above $6 million, the Expected Market
Time decreased from 523 to 347 days.
· The luxury end, all homes above $2 million, account
for 26% of the inventory and 10% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.3% of all listings and 0.2% of demand. There are
only three foreclosures and five short sales available to purchase today in all
of Orange County, with eight total distressed homes on the active market, up
one from two weeks ago. Last year there were three total distressed homes on
the market, similar to today.
· There were 1,137 closed residential resales in January,
37% less than January 2022’s 1,809 closed sales. January marked an 18% decrease
compared to December 2022. The sales-to-list price ratio was 98.6% for all of
Orange County. Foreclosures accounted for 0.4% of all closed sales, and short
sales accounted for 0.1%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.
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