39 Days of Supply in “Crazy” OC Home Market…
Source: OC Register, October 1, 2012. Jon Lasner
The expected market time for all of Orange County is only 39 days, a low not seen since May 2005. It tends to increase with the transition from the Summer to Autumn Market, but not right now. Instead, it has been continuously dropping for the past three months. Let’s put the current market into proper perspective. A balanced market has an expected market time right around five months. At just 39 days, it is a deep seller’s market.
- Market time of 1.31 months for Orange County buyers to gobble up all homes for sale at the current pace vs. 1.40 months two weeks ago vs. 3.61 months a year ago vs. 4.28 months two years ago.
- Of the 8 Orange County pricing slices tracked, 7 had faster market time vs. 2 weeks ago; and 8 improved over a year ago.
- Orange County homes listed for under a million bucks have a market time of 1.01 months vs. 4.59 months for homes listed for more than $1 million.
- So, basically, it is 4.5 times harder to sell a million-dollar-plus residence!
- And just so you know, the million-dollar market represents 30% of all homes listed and 9% of all homes that entered into escrow in the past 30 days.
| Slice | Listings | Deals | Market Time (months) | 2 week ago | 1 yr. ago | 2 yr. ago |
| $0-$250k | 538 | 571 | 0.94 | 1.00 | 2.84 | 3.15 |
| $250k-$500k | 1,094 | 1,463 | 0.75 | 0.78 | 2.68 | 3.37 |
| $500k-$750k | 895 | 785 | 1.14 | 1.30 | 3.93 | 4.42 |
| $750k-$1m | 591 | 266 | 2.22 | 2.51 | 6.11 | 5.98 |
| $1m-$1.5m | 445 | 148 | 3.01 | 3.23 | 6.85 | 6.90 |
| $1.5m-$2m | 264 | 68 | 3.88 | 4.66 | 10.05 | 12.63 |
| $2m-4m | 394 | 56 | 7.04 | 6.26 | 14.94 | 14.28 |
| $4m+ | 232 | 19 | 12.21 | 19.75 | 35.88 | 31.00 |
| All O.C. | 4,416 | 3,366 | 1.31 | 1.40 | 3.61 |
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