Okay, let's break down what's happening in the Orange County housing market in a way that's easy to understand! Think of it like a store with items for sale:
More Homes on the Shelf, But Still Not Enough:
More homes are available: In the last couple of weeks, we've seen 212 more homes pop up for sale, which is an 8% increase. That brings the total to 3,033. So, there's a bit more to choose from.
January was slow to start: Compared to the years before the pandemic (2017-2019), fewer homes came on the market this January. It was like the store didn't get as many new items as it usually does.
But better than last year: However, more people decided to sell their homes this January compared to last January. So, things are picking up a little.
Still way below pre-pandemic levels: Overall, we still have significantly fewer homes for sale than we did before the pandemic.
Buyers Are Coming In Fast:
More people are buying: The number of homes that are "pending" (meaning a buyer has made an offer and it's being processed) has jumped up by 12% in the last two weeks. That's a lot of people ready to buy!
Strongest demand in months: This is the highest demand we've seen since October, so buyers are definitely active.
More buyers than last year, but less than pre-pandemic: Again, more buyers than last year, but less than before covid.
Homes Are Selling a Little Faster:
Slightly quicker sales: Because more people are buying, homes are selling a little faster. It now takes about 61 days on average to sell a home in Orange County.
Still slower than last year: Last year, homes sold much faster, in about 42 days.
Similar to pre-pandemic times: The current selling time is pretty close to what it was before the pandemic.
Breaking Down Prices:
The report then breaks down how fast homes are selling within different price ranges. Generally homes below 1.5 million are selling the fastest.
Homes between 1.5 million and 2.5 million are taking a bit longer.
Luxury market is slower: Homes priced over $2 million are taking the longest to sell. This "luxury" market makes up a big chunk of the homes for sale, but not as many people are buying in that range.
Very Few Foreclosures or Short Sales:
Almost no distressed homes: There are very few foreclosures or short sales happening. This is good news, as it means most homeowners are doing well.
January Sales Numbers:
More sales than last January: More homes were sold this January compared to last January.
Less than December: However, fewer homes were sold compared to December.
Sellers are getting close to asking price: On average, homes sold for about 99% of the asking price, meaning sellers are getting very close to what they want.
In Simple Terms:
There are more homes for sale than last year, but not as many as before the pandemic.
Lots of people are looking to buy, and homes are selling a little faster.
The luxury market is moving slower than the rest.
Foreclosures and short sales are very rare.
Home sellers are getting very close to their asking price.
Hopefully, that makes it clearer!
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