It’s a Seller’s Market in Orange County California
Orange County Housing Market Summary (2/20/17) statistics monitored by Steven Thomas
- The active listing inventory increased by 128 homes in the past couple of weeks, a 3% rise, and now totals 4,448. There are 6% fewer homes that have come on the market this year compared to 2016. The inventory should increase from here, peaking in mid-August.
- There are 32% fewer homes on the market below $500,000 compared to last year at this time and demand is down by 9%. Fewer and fewer homes and condominiums can now be found priced below $500,000. It is the price range that is slowly vanishing.
- Demand, the number of pending sales over the prior month, skyrocketed by 25% in the past couple of weeks, adding an additional 473 and now totals 2,403. Today’s demand is 3% higher than last year when it totaled 2,342. The average pending price is $818,494.
- The average list price for all of Orange County is $1.6 million, identical to two weeks ago. This number is high due to the mix of homes in the luxury ranges that sit on the market.
- For homes priced below $750,000, the market is HOT with an expected market time of just 35 days. This range represents 41% of the active inventory and 65% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 54 days, a seller’s market (less than 60 days). This range represents 18% of the active inventory and 18% of demand.
- For luxury homes priced between $1 million to $1.5 million, the expected market time is at 80 days, dropping by 18 in the past couple of weeks. For homes priced between $1.5 million to $2 million, the expected market time decreased from 195 to 153 days. For luxury homes priced above $2 million, the expected market time decreased from 277 to 252 days.
- The luxury end, all homes above $1 million, accounts for 41% of the inventory and only 17% of demand.
- The expected market time for all homes in Orange County dropped in the past couple of weeks from 67 to 56, a seller’s market (less than 60 days).
- Distressed homes, both short sales and foreclosures combined, make up only 2.3% of all listings and 3.3% of demand. There are 34 foreclosures and 69 short sales available to purchase today in all of Orange County, that’s 103 total distressed homes on the active market, 12 more than two weeks ago. Last year there were 148 total distressed sales, 44% more.
- There were 1,905 closed sales in January, a 33% drop from December, but more than the 1,859 closed sales posted in January 2016. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just 0.9% of all closed sales and short sales accounted for 2.3%. That means that 96.8% of all sales were good ol’ fashioned equity sellers.