- The active listing inventory in the past couple of weeks increased by 86 homes, up 4%, and now sits at 2,475, its highest level since January. It is still the lowest level to start August since tracking began in 2004. In July, 39% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,450 less. Last year, there were 4,069 homes on the market, 1,594 more homes, or 64% higher. The 3-year average before COVID (2017 to 2019) was 6,753, or 173% more, nearly triple.
- Demand, the number of pending sales over the prior month, decreased by 18 pending sales in the past two weeks, down 1%, and now totals 1,580, the lowest level for a start to August since tracking began in 2004. Last year, there were 1,812 pending sales, 15% more than today. The 3-year average before COVID (2017 to 2019) was 2,630, or 66% 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 45 to 47 days in the past couple of weeks. It was 67 days last year, much slower than today.
- For homes priced below $750,000, the Expected Market Time increased from 32 to 34 days. This range represents 18% of the active inventory and 26% of demand.
- For homes priced between $750,000 and $1 million, the Expected Market Time increased from 27 to 31 days. This range represents 15% of the active inventory and 23% of demand.
- For homes priced between $1 million to $1.25 million, the Expected Market Time increased from 25 to 33 days. This range represents 10% of the active inventory and 15% of demand.
- For homes priced between $1.25 million to $1.5 million, the Expected Market Time decreased from 46 to 44 days. This range represents 11% of the active inventory and 12% of demand.
- For homes priced between $1.5 million to $2 million, the Expected Market Time remained unchanged at 53 days. This range represents 13% of the active inventory and 12% of demand.
- For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks decreased from 83 to 76 days. For homes priced between $4 million and $6 million, the Expected Market Time decreased from 253 to 152 days. For homes priced above $6 million, the Expected Market Time decreased from 297 to 291 days.
- The luxury end, all homes above $2 million, account for 32% of the inventory and 13% of demand.
- Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.6% of demand. Only one foreclosure and six short sales are available today in Orange County, with seven total distressed homes on the active market, down two from two weeks ago. Last year there were seven distressed homes on the market, identical to today.
- There were 1,993 closed residential resales in June, 16% less than June 2022’s 2,362 closed sales. June marked a 2% drop compared to May 2023. The sales-to-list price ratio was 99.5% for all of 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.
How do these latest market stats affect your plans to buy or sell a home? We can help you create a plan that will optimize your current situation. Please reach out, even if you just need some casual advice. We are always happy to help!