Orange County Housing Summary:May 2, 2023
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· The active listing inventory in the past couple of
weeks increased by 34 homes, up 1%, and now sits at 2,076, this first
substantial rise of the year. Nonetheless, it is the lowest level at the end of
April since tracking began in 2004. In April, 49% fewer homes came on the
market compared to the 3-year average before COVID (2017 to 2019), 1,983 less.
Last year, there were 2,104 homes on the market, 28 more homes, or 1% higher. The 3-year
average before COVID (2017 to 2019) was 6,002, or 189% more.
· Demand, the number of pending sales over the prior
month, increased by 43 pending sales in the past two weeks, up 3%, and now
totals 1,706, the lowest end-of-April reading since 2020 during the COVID
lockdown. Last year, there were 2,154 pending sales, 26% more than today. The 3-year average before COVID (2017 to
2019) was 2,780, or 63% more.
· With the inventory and demand rising at
a similar rate, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, remained unchanged at 37 days in the past
couple of weeks, its lowest level since May of last year. It was 29 days last
year, slightly better than today.
· For homes priced below $750,000, the Expected Market
Time remained unchanged at 27 days. This range represents 21% of the active
inventory and 28% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 22 to 23 days. This range represents 15% of the
active inventory and 24% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 27 to 23 days. This range represents 9%
of the active inventory and 15% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time increased from 30 to 32 days. This range
represents 9% of the active inventory and 10% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time decreased from 52 to 46 days. This range represents 13%
of the active inventory and 10% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks remained unchanged at 72 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 212 to 116 days. For homes priced above $6 million, the Expected Market
Time increased from 341 to 353 days.
· The luxury end, all homes above $2 million, account
for 33% of the inventory and 12% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.6% of all listings and 0.3% of demand. Only five
foreclosures and seven short sales are available today in Orange County, with 12
total distressed homes on the active market, up two from two weeks ago. Last
year there were four 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.
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