Orange County Housing Summary: June 13, 2023
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· The active listing inventory in the past couple of
weeks increased by six homes, nearly unchanged, and now sits at 2,196. It is
the lowest level for a start to June since tracking began in 2004. In May, 45%
fewer homes came on the market compared to the 3-year average before COVID
(2017 to 2019), 1,879 less. Last year, there were 3,059
homes on the market, 863 more homes, or 39% higher. The 3-year
average before COVID (2017 to 2019) was 6,501, or 196% more, nearly triple.
· Demand, the number of pending sales over the prior
month, decreased by 70 pending sales in the past two weeks, down 4%, and now
totals 1,595, the lowest level for a start to June since tracking began in 2004.
It was also the largest drop of the year. Last year, there were 2,020 pending
sales, 27% more than today. The 3-year average before COVID (2017 to
2019) was 2,766, or 73% more.
· With demand falling, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, increased from 39 to 41 days in the past couple of weeks. It was 45
days last year, similar to today, but was rapidly cooling with skyrocketing
rates. It is the first time that the Expected Market Time has been lower than
the prior year since March 2022.
· For homes priced below $750,000, the Expected Market
Time increased from 27 to 28 days. This range represents 19% of the active
inventory and 27% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time increased from 25 to 27 days. This range represents 15% of the
active inventory and 23% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time increased from 28 to 30 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 increased from 33 to 35 days. This range
represents 10% of the active inventory and 12% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time increased from 46 to 50 days. This range represents 13%
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 79 to 76 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 149 to 163 days. For homes priced above $6 million, the Expected Market
Time increased from 267 to 274 days.
· The luxury end, all homes above $2 million, account
for 33% of the inventory and 13% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.4% of all listings and 0.2% of demand. Only two
foreclosures and six short sales are available today in Orange County, with eight
total distressed homes on the active market, down six from two weeks ago. Last
year there were six distressed homes on the market, identical to today.
· There were 1,696 closed residential resales in April, 34%
less than April 2022’s 2,565 closed sales. April marked a 5% drop compared to March
2023. The sales-to-list price ratio was 100.2% 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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