Orange County Housing Summary: July 22, 2024

David Deem

Broker Associate

714-997-3486

Dave@DeemTeam.com

The active listing inventory in the past couple of weeks jumped by 319 homes, up 10%, and now sits at 3,371, its highest level since November 2022. It was the largest two-week climb so far this year. In June, 34% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,323 less. Yet, 254 more sellers came on the market this June compared to June 2023. Last year, there were 2,389 homes on the market, 982 fewer homes, or 29% less. The 3-year average before COVID (2017 to 2019) was 6,776, or 101% extra, a little more than double.

Demand, the number of pending sales over the prior month, decreased by 93 pending sales in the past two weeks, down 6%, and now totals 1,531, its lowest level since February. Last year, there were 1,598 pending sales, 4% more. The 3-year average before COVID (2017 to 2019) was 2,578, or 68% more.

With supply climbing fast and demand falling, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, jumped from 56 to 66 days in the past couple of weeks. It was 45 days last year, faster than today. The 3-year average before COVID (2017 to 2019) was 80 days, slower than today.

In the past two weeks, the Expected Market Time for homes priced below $750,000 increased from 44 to 47 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 increased from 35 to 46 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 42 to 46 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 increased from 39 to 52 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 49 to 65 days. This range represents 14% of the active inventory and 14% of demand.

The luxury end, all homes above $2 million, account for 35% of the inventory and 15% of demand.

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

There were 1,809 closed residential resales in June, down 9% compared to June 2023’s 1,993 and down 15% from May 2024. The sales-to-list price ratio was 100.3% for Orange County. Short sales accounted for 0.1% of all closed sales and no foreclosures. That means that 99.89% of all sales were good ol’ fashioned sellers with equity.

In the past two weeks, the expected market time for homes priced between $2 million and $4 million increased from 109 to 116 days. For homes priced between $4 million and $6 million, the Expected Market Time increased from 148 to 156 days. For homes priced above $6 million, the Expected Market Time increased from 557 to 630 days.

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