Orange County Housing Summary: May 14, 2024
David Deem
Broker Associate
714-997-3486
- The active listing inventory
in the past couple of weeks increased by 150 homes, up 6%, and now sits at
2,470. In April, 32% fewer homes came on the market compared to the 3-year
average before COVID (2017 to 2019), 1,272 less. 604 more sellers came on
the market this April compared to 2023. Last year,
there were 2,139 homes on the market, 331 fewer homes, or 13% less.
The 3-year average before COVID (2017 to 2019) was 6,255, or 153% extra,
more than double.
- Demand, the number of pending sales over the prior month, increased by 52 pending sales in the past two weeks, up 3%, and now totals 1,759. Last year, there were 1,660 pending sales, 6% fewer. The 3-year average before COVID (2017 to 2019) was 2,765, or 57% 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 41 to 42 days
in the past couple of weeks. It was 39 days last year, similar to today.
The 3-year average before COVID (2017 to 2019) was 68 days, slower than
today.
- In the past two weeks, the
Expected Market Time for homes priced below $750,000 decreased from 32 to
31 days. This range represents 17% of the active inventory and 23% of
demand.
- The Expected Market Time
for homes priced between $750,000 and $1 million decreased from 24 to 23 days.
This range represents 14% of the active inventory and 20% of demand.
- The Expected Market Time
for homes priced between $1 million and $1.25 million increased from 26 to
28 days. This range represents 10% of the active inventory and 14% of
demand.
- The Expected Market Time for homes priced between
$1.25 million and $1.5 million decreased from 33 to 28 days. This range
represents 10% of the active inventory and 14% of demand.
- The Expected Market Time for homes priced between
$1.5 million and $2 million increased from 40 to 46 days. This range
represents 13% of the active inventory and 12% of demand.
- In the past two weeks, the
expected market time for homes priced between $2 million and $4 million increased
from 65 to 66 days. For homes priced between $4 million and $6 million,
the Expected Market Time decreased from 184 to 167 days. For homes priced
above $6 million, the Expected Market Time decreased from 439 to 413 days.
- The luxury end, all homes
above $2 million, account for 38% of the inventory and 16% of demand.
- Distressed homes, both
short sales and foreclosures combined, comprised only 0.2% of all listings
and 0.1% of demand. Only three foreclosures and two shorts sales are
available today in Orange County, with five total distressed homes on the
active market, up one from two weeks ago. Last year, ten distressed homes
were on the market, similar to today.
- There were 1,968 closed residential resales in April, up 16% compared to April 2023’s 1,696, and up 10% from March 2024. The sales-to-list price ratio was 100.4% for Orange County. Foreclosures accounted for 0.05% of all closed sales, and short sales accounted for 0.15%. That means that 99.8% of all sales were good ol’ fashioned sellers with equity.
DRE#01266522
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