David Deem
Broker Associate
714-997-3486
The inventory of active homes for sale over the past few weeks has increased by 136, up 6%, to 2,320. There were 1,623 fewer homes on the market in March, 42% fewer than the pre-COVID three-year average (2017-2019). There were 149 more sellers on the market in March this year compared to 2023. Last year, there were 2,076 homes on the market, 244 fewer, an 11% decrease. The pre-COVID three-year average (2017-2019) was 6,002, up 159%, more than double.
· Demand, or pending sales month-over-month, has increased by 59 over the past two weeks, up 4%, and is now at a total of 1,707. Last year's pending sales were 1,706, roughly the same as today. The three-year average pre-COVID (2017-2019) was 2,780, up 63%.
· With supply growing faster than demand, expected market time, the number of days it would take to sell all properties in Orange County at the current buying pace, has increased from 40 to 41 days over the past few weeks. Last year it was 37 days, about the same as today. The three-year average pre-COVID (2017-2019) was 65 days, slower than today.
· The expected market length for homes under $750,000 decreased from 33 days to 32 days. This range represents 18% of active inventory and 23% of demand.
The expected time on market for homes priced between $750,000 and $1 million remains unchanged at 24 days. This range represents 13% of active inventory and 22% of demand.
The expected time on market for homes priced between $1 million and $1.25 million remains unchanged at 26 days. This range represents 9% of active inventory and 15% of demand.
· The expected length on market for homes priced between $1.25 million and $1.5 million decreased from 34 days to 33 days. This range represents 11% of active inventory and 13% of demand.
· The expected length on market for homes priced between $1.5 million and $2 million increased from 36 to 40 days. This range represents 12% of active inventory and 13% of demand.
· Over the past two weeks, the expected time on market for homes priced between $2 million and $4 million increased from 64 to 65 days. For homes priced between $4 million and $6 million, the expected time on market increased from 138 to 184 days. For homes priced over $6 million, the expected time on market increased from 247 to 439 days.
· Luxury homes, or those priced over $2 million, account for 37% of inventory and 14% of demand.
Distressed homes, including short sales and foreclosures, account for just 0.2% of all listings and 0.2% of demand. There are only 3 foreclosures and 1 short sale currently for sale in Orange County, for a total of 4 distressed homes on the market, 1 less than two weeks ago. Last year, there were 12 distressed homes on the market, just like today.
· There were 1,785 residential resale transactions in March, nearly the same number as March 2023's 1,791 and a 41% increase over February 2024. Orange County's sales price to asking price ratio was 100.4%. Foreclosures made up 0.1% of all transactions and short sales made up 0.1%, meaning 99.8% of all transactions were with good old-fashioned, equity-equity sellers.
DRE# 01266522