Orange County Housing Summary: June 11, 2024

David Deem

Broker Associate

714-997-3486

Dave@DeemTeam.com

The active listing inventory in the past couple of weeks increased by 166 homes, up 6%, and now sits at 2,786. In May, 36% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,497 less. 358 more sellers came on the market this May compared to May 2023. Last year, there were 2,196 homes on the market, 590 fewer homes, or 21% less. The 3-year average before COVID (2017 to 2019) was 6,501, or 133% extra, more than double.

Demand, the number of pending sales over the prior month, decreased by ten pending sales in the past two weeks, down 1%, and now totals 1,640. Last year, there were 1,595 pending sales, 3% less. The 3-year average before COVID (2017 to 2019) was 2,766, or 69% more.

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 48 to 51 days in the past couple of weeks. It was 41 days last year, faster than today. The 3-year average before COVID (2017 to 2019) was 71 days, slower than today.

In the past two weeks, the Expected Market Time for homes priced below $750,000 decreased from 39 to 38 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 36 to 33 days. This range represents 14% of the active inventory and 23% of demand.

The Expected Market Time for homes priced between $1 million and $1.25 million increased from 27 to 34 days. This range represents 9% of the active inventory and 13% of demand.

The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 38 to 42 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 37 to 48 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 76 to 86 days. For homes priced between $4 million and $6 million, the Expected Market Time increased from 154 to 167 days. For homes priced above $6 million, the Expected Market Time increased from 384 to 476 days.

The luxury end, all homes above $2 million, account for 37% of the inventory and 15% of demand.

Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.2% of demand. Only five foreclosures and two short sales are available today in Orange County, with seven total distressed homes on the active market, up one from two weeks ago. Last year, eight 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.

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