Orange County Housing Summary: July 12, 2023
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· The active listing inventory in the past couple of
weeks decreased by five homes, nearly unchanged, and now sits at 2,276. It is
the lowest level for a start to July since tracking began in 2004. In June, 41%
fewer homes came on the market compared to the 3-year average before COVID
(2017 to 2019), 1,580 less. Last year, there were
3,803 homes on the market, 1,527 more homes, or 67% higher. The 3-year
average before COVID (2017 to 2019) was 6,708, or 195% more, nearly triple.
· Demand, the number of pending sales over the prior
month, decreased by 35 pending sales in the past two weeks, down 3%, and now
totals 1,560, the lowest level for a start to July since tracking began in 2004.
Last year, there were 1,710 pending sales, 10% more than today. The
3-year average before COVID (2017 to 2019) was 2,582, or 65% more.
· With demand falling and the supply unchanged,
the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, increased slightly from 43 to 44 days in the
past couple of weeks. It was 67 days last year, slower than today and rapidly
cooling as rates were rising.
· For homes priced below $750,000, the Expected Market
Time remained unchanged at 29 days. This range represents 18% of the active
inventory and 27% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time remained unchanged at 28 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 decreased from 32 to 29 days. This range represents 10%
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 31 to 34 days. This range
represents 10% of the active inventory and 13% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time increased from 51 to 56 days. This range represents 14%
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 89 to 81 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 131 to 217 days. For homes priced above $6 million, the Expected Market
Time decreased from 435 to 424 days.
· The luxury end, all homes above $2 million, account
for 36% of the inventory and 12% of demand.
· Distressed homes, both short sales, and foreclosures
combined, comprised only 0.5% of all listings and 0.4% 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 five from two weeks ago. Last
year there were six distressed homes on the market, similar to today.
· There were 2,030 closed residential resales in May, 19%
less than May 2022’s 2,520 closed sales. May marked a 20% rise compared to April
2023. The sales-to-list price ratio was 102.6% for all of Orange County. Foreclosures
accounted for 0.25% of all closed sales, and short sales accounted for 0.05%. That
means that 99.7% of all sales were good ol’
fashioned sellers with equity.
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