Orange County Housing Summary: July 25, 2023
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· The active listing inventory in the past couple of
weeks increased by 113 homes, up 5%, and now sits at 2,389, its largest rise of
the year. It is still the lowest level for an end 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 4,041 homes on the market, 1,652 more homes, or 69% higher. The 3-year average
before COVID (2017 to 2019) was 6,776, or 184% more, nearly triple.
· Demand, the number of pending sales over the prior
month, increased by 38 pending sales in the past two weeks, up 2%, and now
totals 1,598, still the lowest level for an end to July since tracking began in
2004. Last year, there were 1,693 pending sales, 6% more than today. The 3-year average before COVID (2017 to 2019)
was 2,578, or 61% more.
· With supply and demand rising, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, increased slightly from 44 to 45 days in the past couple of weeks.
It was 72 days last year, much slower than today.
· For homes priced below $750,000, the Expected Market
Time increased from 29 to 32 days. This range represents 18% of the active
inventory and 25% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 28 to 27 days. This range represents 14% of the
active inventory and 24% of demand.
· For homes priced between $1 million to $1.25 million,
the Expected Market Time decreased from 29 to 25 days. This range represents 9%
of the active inventory and 16% of demand.
· For homes priced between $1.25 million to $1.5
million, the Expected Market Time increased from 34 to 46 days. This range
represents 11% of the active inventory and 10% of demand.
· For homes priced between $1.5 million to $2 million,
the Expected Market Time decreased from 56 to 53 days. This range represents 14%
of the active inventory and 12% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks increased from 81 to 83 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 217 to 253 days. For homes priced above $6 million, the Expected Market
Time decreased from 424 to 297 days.
· The luxury end, all homes above $2 million, account
for 34% of the inventory and 12% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.4% of all listings and 0.5% of demand. Only two foreclosures
and seven short sales are available today in Orange County, with nine total
distressed homes on the active market, down two from two weeks ago. Last year
there were 12 distressed homes on the market, similar to today.
· There were 1,993 closed residential resales in June, 16%
less than June 2022’s 2,362 closed sales. June marked a 2% drop compared to May
2023. The sales-to-list price ratio was 99.5% for all of Orange County. Foreclosures
accounted for 0.1% of all closed sales, and short sales accounted for 0.1%. That
means that 99.8% of all sales were good ol’
fashioned sellers with equity.
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