Orange County Housing Summary: May 4, 2024
· The active listing inventory in the past couple of
weeks increased by 136 homes, up 6%, and now sits at 2,320. 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 2,076 homes on the
market, 244 fewer homes, or 11% less.
The 3-year average before COVID (2017 to 2019) was 6,002, or 159% extra,
more than double.
· Demand, the number of pending sales over the prior
month, increased by 59 pending sales in the past two weeks, up 4%, and now
totals 1,707. Last year, there were 1,706 pending sales, nearly identical to today. The 3-year
average before COVID (2017 to 2019) was 2,780, or 63% 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 40 to 41 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 65 days, slower than today.
· The Expected Market Time for homes priced below
$750,000 decreased from 33 to 32 days. This range represents 18% 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 remained unchanged at 26 days. This range represents 9%
of the active inventory and 15% of demand.
· The Expected Market Time for homes priced between
$1.25 million and $1.5 million decreased from 34 to 33 days. This range
represents 11% of the active inventory and 13% of demand.
· The Expected Market Time for homes priced between $1.5
million and $2 million increased from 36 to 40 days. This range represents 12%
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 64 to 65 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 138 to 184 days. For homes priced above $6 million, the Expected Market
Time increased from 247 to 439 days.
· The luxury end, all homes above $2 million, account
for 37% of the inventory and 14% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.2% of all listings and 0.2% of demand. Only three
foreclosures and one short sale are available today in Orange County, with four
total distressed homes on the active market, down one from two weeks ago. Last
year, 12 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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