David Deem
Broker Associate
714-997-3486
- The
active listing inventory in the past couple of weeks decreased by 29
homes, down 1%, and now sits at 3,666, its first drop since March and a
strong indicator that a peak was reached a couple of weeks ago. In August,
31% fewer homes came on the market compared to the 3-year average before
COVID (2017 to 2019), 1,083 less. Yet, 300 more sellers came on the market
this August compared to August 2023. Last year, there were 2,340 homes on
the market, 1,326 fewer homes, or 36% less. The 3-year average before
COVID (2017 to 2019) was 6,400, or 75% extra.
- Demand,
the number of pending sales over the prior month, jumped by 141 pending
sales in the past two weeks, up 10%, and now totals 1,554, its largest
increase since the start of February and its highest level since the
beginning of July. Last year, there were 1,414 pending sales, 9% fewer.
The 3-year average before COVID (2017 to 2019) was 2,262, or 46% more.
- With
supply falling slightly and demand surging higher, the Expected
Market Time, the number of days to sell all Orange County listings at
the current buying pace, decreased from 78 to 71 days in the past
couple of weeks, its most significant improvement since the start of
February. It was 50 days last year, faster than today. The 3-year average
before COVID (2017 to 2019) was 86 days, slower than today.
- In
the past two weeks, the Expected Market Time for homes priced below
$750,000 decreased from 50 to 49 days. This range represents 16% of the
active inventory and 24% of demand.
- The
Expected Market Time for homes priced between $750,000 and $1 million
decreased from 54 to 47 days. This range represents 14% of the active
inventory and 21% of demand.
- The
Expected Market Time for homes priced between $1 million and $1.25 million
decreased from 62 to 50 days. This range represents 11% of the active
inventory and 16% of demand.
- The
Expected Market Time for homes priced between $1.25 million and $1.5
million decreased from 75 to 66 days. This range represents 11% of the
active inventory and 12% of demand.
- The
Expected Market Time for homes priced between $1.5 million and $2 million
decreased from 103 to 84 days. This range represents 15% of the active
inventory and 12% of demand.
- In
the past two weeks, the expected market time for homes priced between $2
million and $4 million decreased from 111 to 108 days. For homes priced
between $4 million and $6 million, the Expected Market Time decreased from
257 to 199 days. For homes priced above $6 million, the Expected Market
Time increased from 295 to 391 days.
- The
luxury end, all homes above $2 million, account for 33% of the inventory
and 15% of demand.
- Distressed
homes, both short sales and foreclosures combined, comprised only 0.1% of
all listings and 0.1% of demand. Only four foreclosures and one short sale
are available today in Orange County, with five total distressed homes on
the active market, down two from two weeks ago. Last year, six distressed
homes were on the market, similar to today.
- There
were 1,877 closed residential resales in August, down 5% compared to July
2023’s 1,979 and down 8% from July 2024. The sales-to-list price ratio was
99.0% for Orange County. Foreclosures accounted for 0.1% of all closed
sales, and there were no short sales. That means that 99.9% of all sales
were good ol’ fashioned sellers with equity.
DRE#01266522
