Orange County Housing Summary: July 8, 2024
The active listing inventory in the past couple of weeks increased by only four homes, nearly unchanged, and now sits at 3,052, its highest level since December 2022. 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 May compared to May 2023. Last year, there were 2,276 homes on the market, 776 fewer homes, or 25% less. The 3-year average before COVID (2017 to 2019) was 6,708, or 120% extra, more than double.
Demand, the number of pending sales over the prior month, increased by nine pending sales in the past two weeks, up 1%, and now totals 1,624. Last year, there were 1,560 pending sales, 4% less. The 3-year average before COVID (2017 to 2019) was 2,582, or 59% more.
With supply unchanged and demand rising slightly, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 57 to 56 days in the past couple of weeks. It was 44 days last year, faster than today. The 3-year average before COVID (2017 to 2019) was 78 days, slower than today.
In the past two weeks, the Expected Market Time for homes priced below $750,000 increased from 42 to 44 days. This range represents 17% of the active inventory and 22% of demand.
The Expected Market Time for homes priced between $750,000 and $1 million increased from 33 to 35 days. This range represents 13% of the active inventory and 21% of demand.
The Expected Market Time for homes priced between $1 million and $1.25 million increased from 39 to 42 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 45 to 39 days. This range represents 10% of the active inventory and 15% of demand.
The Expected Market Time for homes priced between $1.5 million and $2 million decreased from 55 to 49 days. This range represents 13% of the active inventory and 14% of demand.
In the past two weeks, the expected market time for homes priced between $2 million and $4 million increased from 104 to 109 days. For homes priced between $4 million and $6 million, the Expected Market Time decreased from 197 to 148 days. For homes priced above $6 million, the Expected Market Time decreased from 715 to 557 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 0.3% of demand. Only four foreclosures and three short sales are available today in Orange County, with seven total distressed homes on the active market, up two from two weeks ago. Last year, 12 distressed homes were on the market, similar to today.
There were 2,127 closed residential resales in May, up 5% compared to May 2023’s 2,030 and up 8% from April 2024. The sales-to-list price ratio was 100.3% 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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