Orange County Housing Summary: April 19, 2024
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· The active listing inventory in the past couple of
weeks increased by 174 homes, up 9%, and now sits at 2,184. There are more
homes on the market than the prior year for the first time since last April. In
March, 42% fewer homes came on the market compared to the 3-year average before
COVID (2017 to 2019), 1,623 less. 149 more sellers came on the market this
March compared to 2023. Last year, there were 2,053
homes on the market, 131 fewer homes, or 6% less. The 3-year
average before COVID (2017 to 2019) was 5,780, or 165% extra, more than double.
· Demand, the number of pending sales over the prior
month, increased by 25 pending sales in the past two weeks, up 2%, and now
totals 1,642. Last year, there were 1,663 pending sales, 1% more than today.
The 3-year average before COVID (2017 to 2019) was 2,777, or 69% more.
· With supply rising faster than demand, the Expected Market Time,
the number of days to sell all Orange County listings at the current buying
pace, increased from 37 to 40 days in the past couple of weeks. It was 37
days last year, similar to today. The 3-year average before COVID (2017 to
2019) was 62 days, slower than today.
· The Expected Market Time for homes priced below
$750,000 increased from 30 to 33 days. This range represents 19% of the active
inventory and 23% of demand.
· The Expected Market Time for homes priced between
$750,000 and $1 million remained unchanged at 24 days. This range represents 13%
of the active inventory and 22% of demand.
· The Expected Market Time for homes priced between $1
million and $1.25 million increased from 24 to 26 days. This range represents 10%
of the active inventory and 15% of demand.
· The Expected Market Time for homes priced between
$1.25 million and $1.5 million increased from 29 to 34 days. This range
represents 11% of the active inventory and 12% of demand.
· The Expected Market Time for homes priced between $1.5
million and $2 million increased from 35
to 36 days. This range represents 11% of the active inventory and 13% of
demand.
· In the past two weeks, the expected market time for
homes priced between $2 million and $4 million increased from 60 to 64 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 109 to 138 days. For homes priced above $6 million, the Expected Market
Time increased from 238 to 247 days.
· The luxury end, all homes above $2 million, account
for 36% of the inventory and 15% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.2% of all listings and 0.2% of demand. Only four
foreclosures and one short sale are available today in Orange County, with five
total distressed homes on the active market, up two from two weeks ago. Last
year, ten distressed homes were on the market, similar to today.
· There were 1,785 closed residential resales in March, nearly
identical to March 2023’s 1,791, and up 41% from February 2024. The
sales-to-list price ratio was 100.4% for 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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