David Deem
Broker Associate
714-997-3486
- The active listing inventory in the past couple
of weeks plunged by 298 homes, down 11%, and now sits at 2,401, its lowest
level since last April. It was the third lowest start to a year since tracking
began in 2004, behind 2022 and 2024. In December, 20% fewer homes came on the
market compared to the 3-year average (2017 to 2019), 296 less.
Yet, 175 more sellers came on the market this December compared to December
2023. Last year, there were 1,785 homes on the
market, 616 fewer homes, or 26% less. The 3-year average before
COVID (2017 to 2019) was 4,665, or 161% extra.
- Demand, the number of pending sales over the
prior month, plunged by 251 pending sales in the past two weeks, down 21%, and
now totals 953, its third lowest start to the year since tracking began in 2004
behind 2023 and 2024. Last year, there were 861 pending sales, 10% fewer.
The 3-year average (2017 to 2019) was 1,391, or 62% more.
- With demand falling much
faster than supply, the Expected Market Time, the number of days to sell all Orange County listings at the current
buying pace, increased from 67 to 76 days in the past couple of weeks. The
3-year average (2017 to 2019) was 104 days, slower than today.
- In the past two weeks, the Expected Market Time
for homes priced below $750,000 decreased from 58 to 55 days. This range
represents 20% of the active inventory and 27% of demand.
- The Expected Market Time for homes priced
between $750,000 and $1 million increased from 46 to 56 days. This range
represents 15% of the active inventory and 20% of demand.
- The Expected Market Time for homes priced
between $1 million and $1.25 million increased from 45 to 51 days. This range
represents 9% of the active inventory and 13% of demand.
- The Expected Market Time for homes priced between
$1.25 million and $1.5 million decreased from 55 to 54 days. This range
represents 10% of the active inventory and 14% of demand.
- The Expected Market Time for homes priced
between $1.5 million and $2 million increased from 70 to 103 days. This range
represents 13% of the active inventory and 10% of demand.
- In the past two weeks, the expected market time
for homes priced between $2 million and $4 million increased from 96 to 120 days.
For homes priced between $4 million and $6 million, the Expected Market Time increased
from 204 to 216 days. For homes priced above $6 million, the Expected Market
Time decreased from 314 to 294 days.
- The luxury end, all homes above $2 million, account
for 33% of the inventory and 16% of demand.
- Distressed homes, both short sales and
foreclosures combined, comprised only 0.2% of all listings and 0.6% of demand. Only
four foreclosures and two short sales are available today in Orange County, with
six total distressed homes on the active market, unchanged from two weeks ago.
Last year, ten distressed homes were on the market, similar to today.
- There were 1,583 closed residential resales in November,
up 11% compared to November 2023’s 1,427 and down 4% from October 2024. The
sales-to-list price ratio was 100.4% 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.
DRE#01266522
