Orange County Housing Market Summary: August 10, 2023
· The active listing inventory in the past couple of weeks increased by 86 homes, up 4%, and now sits at 2,475, its highest level since January. It is still the lowest level to start August since tracking began in 2004. In July, 39% fewer homes came on the market compared to the 3-year average (2017 to 2019), 1,450 less. Last year, there were 4,069 homes on the market, 1,594 more homes, or 64% higher.
· Demand, the number of pending sales over the prior month, decreased by 18 pending sales in the past two weeks, down 1%, and now totals 1,580, the lowest level for a start to August since tracking began in 2004. Last year, there were 1,812 pending sales, 15% more than today. The 3-year average (2017 to 2019) was 2,630, or 66% more.
· With supply rising and demand falling, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, increased from 45 to 47 days in the past couple of weeks. It was 67 days last year, much slower than today.
· For homes priced below $750,000, the Expected Market Time increased from 32 to 34 days. This range represents 18% of the active inventory and 26% of demand.
· For homes priced between $750,000 and $1 million, the Expected Market Time increased from 27 to 31 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 25 to 33 days. This range represents 10% of the active inventory and 15% of demand.
· 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.