- The active listing inventory decreased by 65 homes in the past two-weeks, down 1%, and now totals 4,645, its lowest level for July since tracking began in 2004. In the past four-weeks, 12% fewer homes were placed on the market compared to the prior 5-year average. It was a 54% difference at the end of April; thus, COVID-19’s grip on suppressing the inventory is diminishing. Last year, there were 7,561 homes on the market, 2,916 more than today, a 63% difference.
- Demand, the number of pending sales over the prior month, increased by 75 pending sales in the past two-weeks, up 3%, and now totals 3,050, the highest July level since 2012. COVID-19 currently has no effect on demand. Last year, there were 2,461 pending sales, 19% fewer than today.
- The Expected Market Time for all of Orange County decreased from 47 days to 46, a Hot Seller’s Market (less than 60 days). It was at 92 days last year, much slower than today.
- For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 33 days. This range represents 34% of the active inventory and 48% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 33 days, a hot Seller’s Market. This range represents 18% of the active inventory and 25% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 49 days, a hot Seller’s Market.
- For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time decreased from 80 to 60 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 83 to 71 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 128 to 113 days. For luxury homes priced above $4 million, the Expected Market Time increased from 239 to 249 days.
- The luxury end, all homes above $1.25 million, accounts for 38% of the inventory and only 18% of demand.
- There are only 13 foreclosures and 14 short sales available to purchase today in all of Orange County, 27 total distressed homes on the active market, down 2 from two-weeks ago. Last year there were 55 total distressed homes on the market, slightly more than today.
- There were 2,169 closed residential resales in June, 20% fewer than June 2019’s 2,715 closed sales. The sold data is beginning to reflect the recent surge in demand. June marked a 56% increase compared to May 2020. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.2%. That means that 99.4% of all sales were good ol’ fashioned sellers with equity.
Data provided by:
Quantitative Economics and Decision Sciences
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