Orange County Housing Market Summary
- 26 November, 2018
- By Admin: Debbie West
- Comments: 00
Orange County Housing Market Summary:
- The active listing inventory decreased by 13 homes in the past two weeks and now totals 7,218. The inventory most likely reached a peak for 2018 four-weeks ago at 7,292. Last year, there were 4,714 homes on the market, 2,504 fewer than today.
- So far this year, 13% fewer homes have come on the market below $500,000 compared to last year, and there have been 26% fewer closed sales. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
- Demand, the number of pending sales over the prior month, decreased in the past two-weeks by 81 pending sales, and now totals 1,776. Demand peaked in mid-May at 2,726 pending sales. Last year, there were 2,314 pending sales, 30% more than today.
- The Expected Market Time for all of Orange County increased from 117 days to weeks ago to 122 days today, a slight Buyer’s Market (120 to 150 days) for the first time since January 2011. It was at 61 days last year.
- For homes priced below $750,000, the market is a Balanced Market (between 90 and 120 days) with an expected market time of 94 days. This range represents 44% of the active inventory and 58% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 102 days, a Balanced Market. This range represents 19% of the active inventory and 22% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 133 days, a slight Buyer’s Market.
- For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 175 to 182 days. For homes priced between $1.5 million and $2 million, the expected market time increased from 212 to 235 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 305 to 340 days. For luxury homes priced above $4 million, the expected market time increased from 403 to 484 days.
- The luxury end, all homes above $1.25 million, accounts for 29% of the inventory and only 13% of demand.
- Distressed homes, both short sales and foreclosures combined, made up only 1.1% of all listings and 1.6% of demand. There are only 25 foreclosures and 53 short sales available to purchase today in all of Orange County, 78 total distressed homes on the active market, up 12 from two-weeks ago. Last year there were 68 total distressed homes on the market, slightly less than today.
- There were 2,328 closed residential resales in October, 9% fewer than September 2017’s 2,553. September marked an 11% increase over September 2018. The sales to list price ratio was 96.9% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.6%. That means that 99% of all sales were good ol’ fashioned sellers with equity.