Orange County Housing Summary: March 21, 2023
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· The active listing inventory in the past couple of
weeks decreased by 50 homes, down 2%, and now sits at 2,168, the second-lowest
March level since tracking began in 2004 behind last year. In February, 45%
fewer homes came on the market compared to the 3-year average before COVID
(2017 to 2019), 1,413 less. Last year, there were
1,556 homes on the market, 612 fewer
homes, or 28% less. The 3-year average before COVID (2017 to
2019) was 5,286, or 144% more.
· Demand, the number of pending sales over the prior
month, increased by 62 pending sales in the past two weeks, up 4%, and now
totals 1,567, its highest level since September. Last year, there were 2,284
pending sales, 46% more than today.
The 3-year average before COVID (2017 to 2019) was 2,514, or 61% more.
· With demand rising and supply falling, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, decreased from 44 to 42 days in the past couple of weeks, its
lowest level since May of last year. It was 20 days last year, much stronger
than today.
· For homes priced below $750,000, the Expected Market
Time decreased from 39 to 31 days. This range represents 22% of the active
inventory and 30% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 29 to 28 days. This range represents 17% of the
active inventory and 26% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 36 to 33 days. This range represents 10%
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 38 to 39 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 48 to 51 days. This range represents 11%
of the active inventory and 9% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks decreased from 73 to 72 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 128 to 151 days. For homes priced above $6 million, the Expected Market
Time decreased from 312 to 254 days.
· The luxury end, all homes above $2 million, account
for 29% of the inventory and 11% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.5% of all listings and 0.1% of demand. Only four
foreclosures and six short sales are available today in all of Orange County, with
ten total distressed homes on the active market, unchanged from two weeks ago.
Last year there were three total distressed homes on the market, similar to
today.
· There were 1,270 closed residential resales in February,
28% less than February 2022’s 1,774 closed sales. February marked a 12% increase
compared to January 2023. The sales-to-list price ratio was 99.1% for all of
Orange County. Foreclosures accounted for 0.1% of all closed sales, and there
were no closed short sales. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.
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