The Long & Foster Market Minute

FOCUS ON: ORANGE COUNTY HOUSING MARKET MAY 2024

Units Sold
159
Active Inventory
282
Median Sale Price
$522,405
Days On Market
19
Down -1%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -66%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 159 sold this month in Orange County Real Estate versus 132 last month, an increase of 20%. This month's total units sold was lower than at this time last year, a decrease of 1% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 66 units or 31%. The total number of active inventory this May was 282 compared to 216 in May 2023. This month's total of 282 is higher than the previous month's total supply of available inventory of 226, an increase of 25%.

Median Sale Price
Last May, the median sale price for Orange County Homes was $475,000. This May, the median sale price was $522,405, an increase of 10% or $47,405 compared to last year. The current median sold price is 5% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
210
Current Contracts
132
Sold Vs. List Price
102.1%
Months of Supply
1.8
Up 3%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Up 31%
Vs. Year Ago

Months of Supply
In May, there was 1.8 months of supply available in Orange County, compared to 1.4 in May 2023. That is an increase of 31% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 210 homes newly listed for sale in Orange County compared to 203 in May 2023, an increase of 3%. There were 132 current contracts pending sale this May compared to 164 a year ago. The number of current contracts is 20% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Orange County was 102.1% of the average list price, which is 1.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 56, a decrease of 66%.

The Long & Foster Market Minute Orange County are defined as properties listed in zip code/s .
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.