Orange County Housing Summary: May 29, 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 2,620. 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 April 2023.
Last year, there were 2,190 homes on the market, 430
fewer homes, or 16% less. The 3-year average before COVID (2017
to 2019) was 6,370, or 143% extra, more than double
- The Expected
Market Time for homes priced between $750,000 and $1 million increased
from 23 to 36 days. This range represents 15% of the active inventory and
20% of demand.
- The Expected
Market Time for homes priced between $1 million and $1.25 million
decreased from 28 to 27 days. This range represents 8% of the active
inventory and 14% of demand.
- The Expected
Market Time for homes priced between $1.25 million and $1.5 million
increased from 28 to 38 days. This range represents 10% of the active
inventory and 13% of demand.
- The Expected
Market Time for homes priced between $1.5 million and $2 million decreased
from 46 to 37 days. This range represents 12% of the active inventory and
15% of demand.
- In the past two
weeks, the expected market time for homes priced between $2 million and $4
million increased from 66 to 76 days. For homes priced between $4 million
and $6 million, the Expected Market Time decreased from 167 to 154 days.
For homes priced above $6 million, the Expected Market Time decreased from
413 to 384 days.
- The luxury end,
all homes above $2 million, account for 37% of the inventory and 16% of
demand.
- Distressed
homes, both short sales and foreclosures combined, comprised only 0.2% of
all listings and 0.2% of demand. Only five foreclosures and one short sale
are available today in Orange County, with six total distressed homes on
the active market, up one from two weeks ago. Last year, 14 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.
- 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 42 to 48 days in the past couple of weeks. It
was 39 days last year, faster than today. The 3-year average before COVID
(2017 to 2019) was 70 days, slower than today.
- In the past two
weeks, the Expected Market Time for homes priced below $750,000 increased
from 31 to 39 days. This range represents 18% of the active inventory and
22% of demand.
- Demand, the
number of pending sales over the prior month, decreased by 109 pending
sales in the past two weeks, down 6%, and now totals 1,650. Last year,
there were 1,665 pending sales, 1% more. The 3-year average
before COVID (2017 to 2019) was 2,738, or 66% more.
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