David Deem
Broker Associate
714-997-3486
Active inventory over the past few weeks is down 67 homes, or 3%, and now stands at 2,017. There were 1,623 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 2,142 homes on the market, 125 more, or a 6% increase. The pre-COVID three-year average (2017-2019) was 5,533, up 174%, more than double.
· Demand, or pending sales month-over-month, has increased by 79 over the past two weeks, up 5%, and is now at a total of 1,617. Last year there were 1,560 pending sales, 4% lower than today. The three-year average pre-COVID (2017-2019) was 2,668, up 65%.
· As supply has decreased and demand has increased, the expected market length, the number of days it would take to sell all properties in Orange County at the current buying pace, has fallen from 41 to 37 days over the past few weeks, the lowest level since last April. Last year it was 41 days, similar to today. The three-year average pre-COVID (2017-2019) was 63 days, slower than today.
· The expected market time for homes under $750,000 decreased from 31 days to 30 days. This range represents 19% of active inventory and 24% of demand.
· The expected time on market for homes priced between $750,000 and $1 million decreased from 27 days to 24 days. This range represents 13% of active inventory and 21% of demand.
The expected time on market for homes priced between $1 million and $1.25 million decreased from 29 days to 24 days. This range represents 9% of active inventory and 14% of demand.
· The expected time on market for homes priced between $1.25 million and $1.5 million decreased from 33 days to 29 days. This range represents 10% of active inventory and 12% of demand.
The expected time on market for homes priced between $1.5 million and $2 million remains at 35 days. This range represents 11% of active inventory and 12% of demand.
· Over the past two weeks, the expected market time for homes priced between $2 million and $4 million has decreased from 66 days to 60 days. For homes priced between $4 million and $6 million, the expected market time has decreased from 118 days to 109 days. For homes priced over $6 million, the expected market time has decreased from 341 days to 238 days.
· Luxury homes, or those priced over $2 million, account for 38% of inventory and 17% of demand.
Distressed homes, including short sales and foreclosures, account for just 0.1% of all listings and 0.3% of demand. Orange County currently has 3 foreclosures and 0 short sales for a total of 3 distressed homes on the market, down 2 from 2 weeks ago. Last year, there were 10 distressed homes on the market, just like today.
· 1,425 home resales closed in February, up 12% from 1,270 in February 2023 and up 21% from January 2024. Orange County's sales price to list price ratio was 99.4%. Foreclosures made up 0.4% of all sales closed and there were no short sales closed, meaning 99.6% of all sales were with good old fashioned, equity-equity sellers.
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