David Deem
Broker Associate
714-997-3486
The inventory of active homes for sale over the past few weeks has increased by 174 homes, up 9%, to 2,184. For the first time since April of last year, there are more homes on the market than a year ago. In March, 42% fewer homes were on the market compared to the pre-COVID three-year average (2017-2019), down 1,623 homes. In March of this year, there were 149 sellers on the market compared to 2023. Last year, there were 2,053 homes on the market, down 131 homes, down 6%. The pre-COVID three-year average (2017-2019) was 5,780 homes, up 165%, more than double.
· Demand, or pending sales month-over-month, has increased by 25 over the past two weeks, up 2%, and is now at a total of 1,642. Last year there were 1,663 pending sales, up 1% from now. The three-year average pre-COVID (2017-2019) was 2,777, up 69%.
· 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 37 to 40 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 62 days, slower than today.
· The expected length on market for homes under $750,000 increased from 30 to 33 days. This range represents 19% 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 increased from 24 to 26 days. This range represents 10% of active inventory and 15% of demand.
· The expected length on market for homes priced between $1.25 million and $1.5 million increased from 29 days to 34 days. This range represents 11% of active inventory and 12% of demand.
· The expected length on market for homes priced between $1.5 million and $2 million increased from 35 to 36 days. This range represents 11% 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 60 to 64 days. For homes priced between $4 million and $6 million, the expected time on market increased from 109 to 138 days. For homes priced over $6 million, the expected time on market increased from 238 to 247 days.
· Luxury homes, or those priced over $2 million, account for 36% of inventory and 15% 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 four foreclosures and one short sale currently for sale in Orange County, for a total of five distressed homes on the market, up two from two weeks ago. Last year, there were 10 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