David Deem
Broker Associate
714-997-3486
- The active listing inventory in the past couple
of weeks increased by 55 homes, up 2%, and now sits at 3,426, its highest level
since November 2022. In July, 27% fewer homes came on the market compared to
the 3-year average before COVID (2017 to 2019), 996 less. Yet, 441 more sellers
came on the market this July compared to July 2023. Last year, there were 2,475 homes on the market, 951 fewer
homes, or 28% less. The 3-year average before COVID (2017 to 2019)
was 6,753, or 97% extra, nearly double.
- Demand, the number of pending sales over the
prior month, decreased by one pending sale in the past two weeks, nearly
unchanged, and now totals 1,530, still its lowest level since February. Last
year, there were 1,580 pending sales, 3% more. The 3-year average before
COVID (2017 to 2019) was 2,630, or 72% more.
- With supply climbing and demand
unchanged, the Expected Market Time, the
number of days to sell all Orange County listings at the current buying pace,
increased from 66 to 67 days in the past couple of weeks. It was 47 days last
year, faster than today. The 3-year average before COVID (2017 to 2019) was 78
days, a bit slower than today.
- In the past two weeks, the Expected Market Time
for homes priced below $750,000 decreased from 47 to 45 days. This range
represents 15% of the active inventory and 23% of demand.
- The Expected Market Time for homes priced
between $750,000 and $1 million decreased from 46 to 42 days. This range
represents 13% of the active inventory and 22% of demand.
- The Expected Market Time for homes priced
between $1 million and $1.25 million increased from 46 to 49 days. This range
represents 11% of the active inventory and 15% of demand.
- The Expected Market Time for homes priced between
$1.25 million and $1.5 million increased from 52 to 57 days. This range
represents 10% of the active inventory and 12% of demand.
- The Expected Market Time for homes priced
between $1.5 million and $2 million increased from 65 to 76 days. This range
represents 15% of the active inventory and 13% of demand.
- In the past two weeks, the expected market time
for homes priced between $2 million and $4 million decreased from 116 to 114
days. For homes priced between $4 million and $6 million, the Expected Market
Time increased from 156 to 170 days. For homes priced above $6 million, the
Expected Market Time increased from 630 to 656 days.
- The luxury end, all homes above $2 million, account
for 36% of the inventory and 15% of demand.
- Distressed homes, both short sales and
foreclosures combined, comprised only 0.3% of all listings and 0.3% of demand. Only
six foreclosures and three short sales are available today in Orange County, with
nine total distressed homes on the active market, up one from two weeks ago.
Last year, seven distressed homes were on the market, similar to today.
- There were 1,809 closed residential
resales in June, down 9% compared to June 2023’s 1,993 and down 15% from
May 2024. The sales-to-list price ratio was 100.3% for Orange County.
Short sales accounted for 0.1% of all closed sales and no foreclosures.
That means that 99.89% of all sales were good ol’ fashioned sellers with equity.
DRE#01266522
