Real Estate 101
Orange County Housing Market Update November 2 2021
November 3, 2021
Every 2 weeks I'll bring you the latest information on the housing market in Orange County, CA. Other areas and specific cities and zip codes are also available. Please message me direct with questions or for more details. See Show Notes Below for Summary Information. All stats courtesy of Reports On Housing. Ron Evans Amy Sims Real Estate Team DRE: 01965556 #realestatemarketupdate #realestatemarketstats #carealtor #coordinators #transactioncoordinators #realestatemarkets #justclosed #realestatemarketingagency #realestatemarketinrealestatemarketing #marketupdate #transactioncoordinator #realestatemarketingvideos #californiarealestate #realestatemarketingexpert #realestatemarket #realestatemarketing101 #realestatemarketingsolutions #realestatemarketingideas #realestatetips #realestatemarketingspecialists #buyer #realestateexperts #seller #realestatemarketingtips #businessowners #broker #realestate #realtor #realestateinvesting #realestateagent
 
Orange County Housing Summary 
 
·       The active listing inventory shed 178 homes in the past two weeks, down 9%, and now totals 1,864 homes, its lowest level since tracking. In September, there were 10% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed due to COVID-19), 295 less. Last year, there were 3,944 homes on the market, 2,080 additional homes, or 111% more. 

·       Demand, the number of pending sales over the prior month, decreased by 86 pending sales in the past two weeks, down 3%, and now totals 2,429. Last year, there were 3,019 pending sales, 24% more than today due to a four-month delay in the Spring Market because of COVID. 

·       With a significant drop in the supply and smaller drop in demand, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 24 to 23 days in the past couple of weeks, an extremely Hot Seller’s Market (less than 60 days). It was at 39 days last year, 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 18 days. This range represents 28% of the active inventory and 35% of demand. 

·       For homes priced between $750,000 and $1 million, the Expected Market Time is 17 days, a Hot Seller’s Market. This range represents 20% of the active inventory and 27% of demand. 

·       For homes priced between $1 million to $1.25 million, the Expected Market Time is 17 days, a Hot Seller’s Market. This range represents 9% of the active inventory and 12% of demand. 

·       For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 19 days, a Hot Seller’s Market. This range represents 8% of the active inventory and 10% of demand. 

·       For homes priced between $1.5 million and $2 million, the Expected Market dropped from 29 to 24 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 49 to 54 days. For homes priced above $4 million, the Expected Market Time decreased from 129 to 126 days. 

·       The luxury end, all homes above $1.5 million, accounts for 36% of the inventory and 16% of demand. 

·       Distressed homes, both short sales and foreclosures combined, made up only 0.5% of all listings and 0.32 of demand. There are only 8 foreclosures and 1 short sale available to purchase today in all of Orange County, 9 total distressed homes on the active market, down 2 from two weeks ago. Last year there were 14 total distressed homes on the market, similar to today.