Welcome to this month’s Orange County real estate market report, presented to you by JTC Real Estate.
Orange County Housing Market Summary
The active listing inventory increased by 242 homes in the past two weeks, up 5%, and now totals 4,867. In the past four-weeks, 38% fewer homes were placed on the market compared to the prior 5-year average; thus, COVID-19 is suppressing the inventory.
Demand, the number of pending sales over the prior month, increased by 450 pending sales in the past two weeks, up 38%, and now totals 1,622, the second-largest increase of the year. In the past 5-years, demand has dropped an average of 1%. COVID-19’s effect on housing is beginning to diminish.
The Expected Market Time for all of Orange County decreased from 118 days to 90, a slight Seller’s Market (between 60 and 90 days). The drop was due to the surge in demand outpacing the rise in the supply
There were 1,712 closed residential resales in April, 34% fewer than April 2019’s 2,599 closed sales. This entirely due to COVID-19 suppressing both supply and demand. April marked a 28% drop compared to March 2020.
The sales to list price ratio was 98.3% for all of Orange County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.4%. That means that 99.3% of all sales were good ol’ fashioned sellers with equity.