Orange County Housing Market Summary September 2017
Orange County Housing Market Summary September 2017:
- The active listing inventory decreased by 111 homes in the past couple of weeks, and now totals 5,382. The trend is down for the remainder of the year. Last year, there were 6,472 homes on the market, 1,090 more than today.
- There are 37% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 27%. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly disappearing.
- Demand, the number of pending sales over the prior month, decreased by 94 homes in the past couple of weeks, down 4%, and now totals 2,426. The average pending price is $870,430.
- The average list price for all of Orange County remained at $1.7 million. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
- For homes priced below $750,000, the market is HOT with an expected market time of just 42 days. This range represents 39% of the active inventory and 62% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 57 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 95 days, a balanced market that does not favor a buyer or seller.
- For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 99 days to 101. For homes priced between $1.5 million and $2 million, the expected market time increased from 169 to 178 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 264 days to 280 days. For luxury homes priced above $4 million, the expected market time decreased from 424 to 316 days.
- The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 12% of demand.
- The expected market time for all homes in Orange County increased in the past couple of weeks from 65 days to 67 days, a tepid seller’s market (60 to 90 days). From here, we can expect the market time to slowly rise as housing makes its way through the Autumn Market.
- Distressed homes, both short sales and foreclosures combined, make up only 1.5% of all listings and 2% of demand. There are only 34 foreclosures and 47 short sales available to purchase today in all of Orange County, that’s 81 total distressed homes on the active market, decreasing by 7 in the past two weeks. Last year there were 128 total distressed sales, 58% more than today.
- There were 2,733 closed residential resales in September, nearly identical to the 2,736 closed sales in September 2016. September marked a 12% drop over August 2017, part of a normal autumn housing transition. The sales to list price ratio was 98.1% for all of Orange County. Foreclosures accounted for just 0.6% of all closed sales and short sales accounted for 0.9%. That means that 98.5% of all sales were good ol’ fashioned sellers with equity.
Reports On Housing October 18, 2017