Orange County Housing Summary: April 18, 2023
.png)
· The active listing inventory in the past couple of
weeks decreased by 89 homes, down 4%, and now sits at 2,053, the second-lowest mid-March
level since tracking began in 2004 behind last year. In March, 39% fewer homes
came on the market compared to the 3-year average before COVID (2017 to 2019), 1,346
less. Last year, there were 1,732 homes on the
market, 321 fewer homes, or 16% less. The 3-year average before COVID
(2017 to 2019) was 5,780, or 182% more.
· Demand, the number of pending sales over the prior
month, increased by 103 pending sales in the past two weeks, up 7%, and now
totals 1,663. Last year, there were 2,241 pending sales, 35% more than today.
The 3-year average before COVID (2017 to 2019) was 2,777, or 67% more.
· With the inventory falling and demand rising,
the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, decreased from 41 to 37 days in the past couple
of weeks, its lowest level since May of last year. It was 23 days last year, much
stronger than today.
· For homes priced below $750,000, the Expected Market
Time decreased from 32 to 27 days. This range represents 21% of the active
inventory and 29% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 26 to 22 days. This range represents 16% of the
active inventory and 26% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 31 to 27 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 decreased from 33 to 30 days. This range
represents 9% of the active inventory and 11% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time decreased from 56 to 52 days. This range represents 13%
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 dropped from 76 to 72 days. For
homes priced between $4 million and $6 million, the Expected Market Time increased
from 210 to 212 days. For homes priced above $6 million, the Expected Market
Time increased from 308 to 341 days.
· The luxury end, all homes above $2 million, account
for 31% of the inventory and 11% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.5% of all listings and 0.5% of demand. Only five
foreclosures and five short sales are available today in Orange County, with
ten total distressed homes on the active market, unchanged from two weeks ago.
Last year there was one distressed home on the market, similar to today.
· There were 1,789 closed residential resales in March, 32% less than March 2022’s 2,645 closed sales. March marked a 41% increase compared to February 2023. The sales-to-list price ratio was 99.6% 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.
Comments
Post a Comment