Orange County Housing Summary: June 2, 2023
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· The active listing inventory in the past couple of
weeks increased by 51 homes, up 2%, and now sits at 2,190. It is the lowest
level for the end of May 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 2,697
homes on the market, 507 more homes, or
23% higher. The 3-year average before COVID (2017 to 2019) was 6,370,
or 191% more, nearly triple.
· Demand, the number of pending sales over the prior
month, increased by five pending sales in the past two weeks, nearly unchanged,
and now totals 1,665, the lowest level for the end of May since tracking began
in 2004. Last year, there were 2,113 pending sales, 27% more than today. The 3-year average before COVID (2017 to
2019) was 2,738, or 64% more.
· With supply and demand not changing much,
the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, remained unchanged at 39 days in the past
couple of weeks. It was 38 days last year, similar to today, but was rapidly
cooling with skyrocketing rates.
· For homes priced below $750,000, the Expected Market
Time increased from 26 to 27 days. This range represents 19% of the active
inventory and 28% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time remained unchanged at 25 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 increased from 26 to 28 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 34 to 33 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 decreased from 47 to 46 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 81 to 79 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 113 to 149 days. For homes priced above $6 million, the Expected Market
Time decreased from 368 to 267 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 0.1% of demand. Only five
foreclosures and nine short sales are available today in Orange County, with 14
total distressed homes on the active market, up four from two weeks ago. Last
year there were four distressed homes on the market, similar 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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