David Deem
Broker Associate
714-997-3486
- The active listing inventory in the past couple of weeks
decreased by 158 homes, down 4%, and now sits at 3,358, its lowest level since
the start of July and its largest drop of the year. In October, 21% fewer homes
came on the market compared to the 3-year average before COVID (2017 to 2019),
743 less. Yet, 486 more sellers came on the market this October compared to
October 2023. Last year, there were 2,309 homes on
the market, 1,049 fewer homes, or 31% less. The 3-year average (2017 to 2019) was 5,359, or 60% extra.
- Demand, the number of pending sales over the prior month, decreased
by 95 pending sales in the past two weeks, down 7%, and now totals 1,363. Last
year, there were 1,173 pending sales, 14% fewer. The 3-year average (2017 to 2019) was 1,969, or 44% more.
- With demand falling faster than supply, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, increased from 72 to 74 days in the past couple
of weeks. The 3-year average (2017 to 2019) was 85 days, slower
than today.
- In the past two weeks, the Expected Market Time for homes
priced below $750,000 increased from 54 to 57 days. This range represents 18%
of the active inventory and 23% of demand.
- The Expected Market Time for homes priced between $750,000
and $1 million increased from 53 to 60 days. This range represents 15% of the
active inventory and 19% of demand.
- The Expected Market Time for homes priced between $1 million and
$1.25 million decreased from 50 to 47 days. This range represents 10% of the
active inventory and 15% of demand.
- The Expected Market Time for homes priced between $1.25
million and $1.5 million decreased from 62 to 57 days. This range represents 10%
of the active inventory and 13% of demand.
- The Expected Market Time for homes priced between $1.5
million and $2 million increased from 73 to 91 days. This range represents 14%
of the active inventory and 11% of demand.
- In the past two weeks, the expected market time for homes
priced between $2 million and $4 million decreased from 123 to 104 days. For
homes priced between $4 million and $6 million, the Expected Market Time decreased
from 217 to 182 days. For homes priced above $6 million, the Expected Market
Time increased from 322 to 359 days.
- The luxury end, all homes above $2 million, account for 33%
of the inventory and 19% of demand.
- Distressed homes, both short sales and foreclosures combined,
comprised only 0.2% of all listings and 0.3% of demand. Only four foreclosures
and two short sales are available today in Orange County, with six total
distressed homes on the active market, down three from two weeks ago. Last year,
eight distressed homes were on the market, similar 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
