David Deem
Broker Associate
714-997-3486
- The active listing inventory in the past couple
of weeks plunged by 314 homes, down 9%, and now sits at 3,044, its lowest level
since the start of June and its largest drop of the year. In November, 32%
fewer homes came on the market compared to the 3-year average before COVID
(2017 to 2019), 713 less. Yet, 47 more sellers came on the market this November
compared to November 2023. Last year, there were
2,180 homes on the market, 864 fewer homes, or 28% less. The 3-year
average (2017 to 2019) was 4,988, or 64% extra.
- Demand, the number of pending sales over the
prior month, decreased by 53 pending sales in the past two weeks, down 4%, and
now totals 1,310. Last year, there were 1,113 pending sales, 15% fewer.
The 3-year average (2017 to 2019) was 1,774, or 35% more.
- With supply falling faster
than demand, the Expected Market Time, the number of days to sell all Orange County listings at the current
buying pace, decreased from 74 to 70 days in the past couple of weeks. The
3-year average (2017 to 2019) was 87 days, slower than today.
- In the past two weeks, the Expected Market Time
for homes priced below $750,000 increased from 57 to 58 days. This range
represents 19% of the active inventory and 23% of demand.
- The Expected Market Time for homes priced
between $750,000 and $1 million decreased from 60 to 49 days. This range
represents 15% of the active inventory and 22% of demand.
- The Expected Market Time for homes priced
between $1 million and $1.25 million decreased from 47 to 45 days. This range
represents 9% of the active inventory and 14% of demand.
- The Expected Market Time for homes priced between
$1.25 million and $1.5 million decreased from 57 to 45 days. This range
represents 11% of the active inventory and 13% of demand.
- The Expected Market Time for homes priced
between $1.5 million and $2 million decreased from 91 to 56 days. This range
represents 14% 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 104 to 76 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 182 to 106 days. For homes priced above $6 million, the Expected Market
Time increased from 359 to 380 days.
- The luxury end, all homes above $2 million, account
for 30% of the inventory and 16% of demand.
- Distressed homes, both short sales and
foreclosures combined, comprised only 0.2% of all listings and 0.2% 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, six distressed homes were on the market, identical to today.
- There were 1,842 closed residential resales in October,
up 13% compared to October 2023’s 1,632 and up 14% from September 2024. The
sales-to-list price ratio was 100.0% 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
