February Housing Report
Provided by Steven Thomas at Reports On Housing
The Orange County housing market is extremely hot, and as we move from February into springtime, the heat continues to crank higher and higher. The ultra-low mortgage rates, currently in the mid-3’s, are allowing the market to soar in 2020.
- The active listing inventory increased by 25 homes in the past two-weeks, up 1%, and now totals 4,030. Last year, there were 6,294 homes on the market, 2,264 more than today, or an extra 56%.
- Demand, the number of pending sales over the prior month, increased by 306 pending sales in the past two-weeks, up 14%, and now totals 2,479. Last year, there were 2,088 pending sales, 16% fewer than today.
- The Expected Market Time for all of Orange County decreased from 55 days to 49, a hot Seller’s Market (less than 60 days) and the lowest level since July 2013. It was at 90 days last year, substantially slower than today.
- For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 32 days. This range represents 34% of the active inventory and 52% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 35 days, also a hot Seller’s Market. This range represents 17% of the active inventory and 23% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 55 days, a hot Seller’s Market.
- For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time increased from 63 to 77 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 117 to 92 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 143 to 134 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 391 to 363 days.
- The luxury end, all homes above $1.25 million, accounts for 40% of the inventory and only 16% of demand.
- Distressed homes, both short sales and foreclosures combined, made up only 0.8% of all listings and 1.4% of demand. There are only 15 foreclosure s and 19 short sales available to purchase today in all of Orange County, 34 total distressed homes on the active market, down 4 from two-weeks ago. Last year there were 58 total distressed homes on the market, slightly more than today.