Orange County Housing Summary: August 6, 2024
- The active listing inventory in the past couple of weeks increased by 55 homes, up 2%, and now sits at 3,426, its highest level since November 2022. In July, 27% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 996 less. Yet, 441 more sellers came on the market this July compared to July 2023. Last year, there were 2,475 homes on the market, 951 fewer homes, or 28% less. The 3-year average before COVID (2017 to 2019) was 6,753, or 97% extra, nearly double.
- Demand, the number of pending sales over the prior month, decreased by one pending sale in the past two weeks, nearly unchanged, and now totals 1,530, still its lowest level since February. Last year, there were 1,580 pending sales, 3% more. The 3-year average before COVID (2017 to 2019) was 2,630, or 72% more.
- With supply climbing and demand unchanged, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, increased from 66 to 67 days in the past couple of weeks. It was 47 days last year, faster than today. The 3-year average before COVID (2017 to 2019) was 78 days, a bit slower than today.
- In the past two weeks, the Expected Market Time for homes priced below $750,000 decreased from 47 to 45 days. This range represents 15% of the active inventory and 23% of demand.
- The Expected Market Time for homes priced between $750,000 and $1 million decreased from 46 to 42 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 increased from 46 to 49 days. This range represents 11% of the active inventory and 15% of demand.
- The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 52 to 57 days. This range represents 10% of the active inventory and 12% of demand.
- The Expected Market Time for homes priced between $1.5 million and $2 million increased from 65 to 76 days. This range represents 15% 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 decreased from 116 to 114 days. For homes priced between $4 million and $6 million, the Expected Market Time increased from 156 to 170 days. For homes priced above $6 million, the Expected Market Time increased from 630 to 656 days.
- The luxury end, all homes above $2 million, account for 36% of the inventory and 15% of demand.
- Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.3% of demand. Only six foreclosures and three short sales are available today in Orange County, with nine total distressed homes on the active market, up one from two weeks ago. Last year, seven 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.
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