The active listing inventory in the past couple of weeks plunged by 304 homes, down 8%, and now sits at 3,726, its lowest level since June. In August, there were 30% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 1,054 less. Last year, there were 2,289 homes on the market, 1,437 fewer homes, or 39% less. The 3-year average prior to COVID (2017 to 2019) was 6,569, or 76% more.
Demand, the number of pending sales over the prior month, decreased by 18 pending sales in the past two weeks, down 1%, and now totals 1,831. It is still the lowest reading for a start to
September since 2007. Last year, there were 2,682 pending sales, 46% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,438, or 33% more.
With the supply of homes plunging compared to the slight drop in demand falling, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 65 to 61 days in the past couple of weeks, a Slight Seller’s Market (between 60 and 90 days). It was at 26 days last year, much stronger 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 43 days. This range represents 20% of the active inventory and 28% of demand.
For homes priced between $750,000 and $1 million, the Expected Market Time is 54 days, a Slight Seller’s Market. This range represents 25% of the active inventory and 28% of demand.
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