Orange County Housing Summary:January 9, 2024
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Demand, the
number of pending sales over the prior month, plunged by 192 pending sales in
the past two weeks, down 18%, and now totals 861, its lowest initial demand
reading since tracking began in 2004. Last year, there were 900 pending sales, 5% more than today. The 3-year average
before COVID (2017 to 2019) was 1,391, or 32% more.
·
With
demand plunging compared to the drop in supply, the Expected
Market Time, the number of days to sell all Orange
County listings at the current buying pace, increased from 53 to 62 days
in the past couple of weeks. It was 84 days last year, slower than today. The
3-year average before COVID (2017 to 2019) was 104 days, considerably slower
than today.
·
For homes priced
below $750,000, the Expected Market Time increased from 37 to 39 days. This
range represents 19% of the active inventory and 31% of demand.
·
For homes priced
between $750,000 and $1 million, the Expected Market Time increased from 36 to 43
days. This range represents 15% of the active inventory and 22% of demand.
·
For homes priced
between $1 million and $1.25 million, the Expected Market Time increased from 34
to 47 days. This range represents 10% of the active inventory and 13% of demand.
·
For homes priced
between $1.25 million and $1.5 million, the Expected Market Time increased from
38 to 55 days. This range represents 9% of the active inventory and 11% of
demand.
·
For homes priced
between $1.5 million and $2 million, the Expected Market Time decreased from 56
to 72 days. This range represents 12% of the active inventory and 10% of demand.
·
For homes priced
between $2 million and $4 million, the Expected Market Time in the past two
weeks decreased from 121 to 105 days. For homes priced between $4 million and $6
million, the Expected Market Time increased from 235 to 357 days. For homes
priced above $6 million, the Expected Market Time increased from 293 to 374
days.
·
The luxury end,
all homes above $2 million, account for 35% of the inventory and 13% of demand.
·
Distressed homes,
both short sales and foreclosures combined, comprised only 0.6% of all listings
and 0.3% of demand. Only six foreclosures and four short sales are available
today in Orange County, with ten total distressed homes on the active market, up
one from two weeks ago. Last year, 15 distressed homes were on the market, similar
to today.
·
There were 1,427 closed
residential resales in November, identical to November 2022. November marked a 13%
drop compared to October 2023. The sales-to-list price ratio was 98.8% 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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