Every 2 weeks I do a general overview of the OC real estate market - if you'd like more specific details about the cities I discuss (or any other), please let me know!
Summary:
- The active listing inventory increased by 9 homes in the past two-weeks, nearly unchanged, and now totals 2,537, its highest level since January. In June, there were 12% fewer homes that came on the market compared to 5-year average between 2015 to 2019 (2020 was skewed do to COVID-19), 476 less. Last year, there were 4,590 homes on the market, 2,053 additional homes, or 81% more.
- Demand, the number of pending sales over the prior month, increased by 51 pending sales in the past two-weeks, up 2%, and now totals 2,812. Last year, there were 3,200 pending sales, 14% more than today, due to a delayed Spring Market.
- With a slight increase in the supply and an increase in demand, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, remained unchanged at 27 days in the past couple of weeks, its highest level since February, but still an extremely Hot Seller’s Market (less than 60 days). It was at 43 days last year and getting hotter.
- For homes priced below $750,000, the market is a Hot Seller’s Market (less than 60 days) with an Expected Market Time of 20 days. This range represents 28% of the active inventory and 37% of demand.
- For homes priced between $750,000 and $1 million, the Expected Market Time is 23 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 26% of demand.
- For homes priced between $1 million to $1.25 million, the Expected Market Time is 23 days, a Hot Seller’s Market. This range represents 20% of the active inventory and 12% of demand
- For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 28 days, a Hot Seller’s Market. This range represents 9% of the active inventory and 9% of demand
- For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 30 to 28 days. For homes priced between $2 million and $4 million, the Expected Market Time remained unchanged at 55 days. For homes priced above $4 million, the Expected Market Time decreased from 168 to 131 days.
- The luxury end, all homes above $1.5 million, accounts for 31% of the inventory and 15% of demand.
- Distressed homes, both short sales and foreclosures combined, made up only 0.5% of all listings and 0.4% of demand. There are only 7 foreclosures and 5 short sales available to purchase today in all of Orange County, 12 total distressed homes on the active market, up 5 from two-weeks ago. Last year there were 25 total distressed homes on the market, slightly more than today.
- There were 3,545 closed residential resales in June, 63% more than June 2020’s 2,169 closed sales. June marked a 10% increase compared to May 2021. The sales to list price ratio was 101.4% for all of Orange County. Foreclosures accounted for just 0.1% of all closed sales, and short sales accounted for 0.1%. That means that 99.8% of all sales were good ol’ fashioned sellers with equity.
If you'd like details on any other cities in the county, please let me know!
For more information on the systems that I use and the extremely effective strategies I employ for both home buyers and sellers, please contact me.
Phone: 949.413.2371
Email: Michael@HausamGroup.com
Michael Hausam is a licensed Realtor (BRE Agent #1319560) and Mortgage Loan Originator (NMLS # 1577195). He's been a resident of Orange County, CA since 1990, he funded his first mortgage loan in 1991, has had a B-1 general contractors license since 2005, and he has had his real estate license for over 18 years.
Important: the highlights are for the market as a whole - but no one buys or sells into the market as a whole. Carefully see the detailed charts for information on your price range and location - these market niches all have their own specific characteristics.
For more information on the systems that I use and the extremely effective strategies I employ for both home buyers and sellers, please contact me. Phone: 949.413.2371 Email: Michael@HausamGroup.com
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