January Housing Report
Provided by Steven Thomas at Reports On Housing
With the holidays in the rear view mirror, the January 2020 Orange County housing market is revving its massive engine. A strong demand and a low supply of available homes is allowing the market to accelerate fast.
- Active Listings: The active listing inventory increased by 122 homes in the past two-weeks, up 3%, and now totals 4,023. Last year, there were 6,122 homes on the market, 2,099 more than today, or an extra 52%.
- Demand: The number of pending sales over the prior month increased by 268 pending sales in the past two-weeks, up 19%, and now totals 1,702. Last year, there were 1,435 pending sales, 16% fewer than today.
- Expected Market Time: The Expected Market Time for all of Orange County decreased from 82 days to 71, a slight Seller’s Market (between 60 to 90 days). It was at 128 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 49 days. This range represents 35% of the active inventory and 52% of demand. For homes priced between $750,000 and $1 million, the expected market time is 49 days, also a hot Seller’s Market. This range represents 18% of the active inventory and 24% of demand. For homes priced between $1 million to $1.25 million, the expected market time is 96 days, a Balanced Market.
- Luxury Homes: For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time decreased from 124 to 83 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 149 to 144 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 199 to 181 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 605 to 468 days. The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 16% of demand.
- Distressed Homes: both short sales and foreclosures combined made up only 1.1% of all listings and 1.2% of demand. There are only 20 foreclosures and 24 short sales available to purchase today in all of Orange County, 44 total distressed homes on the active market, down 1 from two-weeks ago. Last year there were 56 total distressed homes on the market, slightly more than today.