The Orange County housing market is experiencing some notable changes as we move into fall. Here’s a quick snapshot of the current trends:
Inventory on the Rise
Active listings have increased by 96 homes (3%) recently, bringing the total to 3,695—its highest level since September 2022. While this is a significant jump from last year’s 2,353 homes, it still falls short of the pre-COVID average of around 6,520.
Demand Slips
Pending sales have dipped by 57 (4%) to 1,413, marking the lowest level since February. This is slightly lower than last year and significantly below pre-COVID figures.
Market Time Increases
Here's a brief recap of the Orange County Housing Report - A Frosty Autumn, by Steven Thomas. The Expected Market Time—the number of days it takes to sell all current listings—rose from 73 to 78 days. While this is slower than last year’s pace of 48 days, it remains quicker than the pre-COVID average.
Luxury and Distressed Properties
In the luxury market (homes priced over $2 million), inventory makes up 32% but only accounts for 17% of demand. Distressed properties are minimal, representing just 0.2% of listings.
August Sales Recap
In August, there were 1,877 closed residential sales, down from July and last year. The sales-to-list price ratio held steady at an impressive 99.0%.
Final Thoughts
Overall, the Orange County housing market is shifting with rising inventory and slowing demand. While it’s still a seller’s market, buyers may find more opportunities as we head into the fall season. Stay tuned for more updates!
Full source: Orange County Housing Report
