Santa Ana Market Update - February 2026

Supply Metrics

Demand Metrics

Showing Activity

Pricing Metrics

Market Timing

Challenges

• Significantly slower demand - pending sales fell to 34 (-40.4%).
• Longer time on market - days active in MLS increased to 26 (+44.4%).
• Lower completed activity - closed sales were 56 (-9.7%) and closed volume was $97,439,450 (-8.6%).
• More competing inventory - active listings rose to 206 (+2.0%).
• Slightly fewer new listings - new listings were 102 (-3.8%).

Opportunities

• Prices still rising - median price was $850,913 (+2.6%) and average price was $869,995 (+1.2%).
• Full asking price - sellers averaged 100.0% of last list price (0.0%).
• Minimal price reductions - 99.6% of original price (-0.8%), a 0.6% discount from original to final.
• Showing activity increased - shows per listing rose to 4.4 (+63.0%).
• Inventory still below balanced levels - months supply was 2.9 (+7.4%).

Seller Strategy

• Pricing competitively can matter more when pending sales are down 40.4%.
• Showing patterns suggest around 4 to 5 showings before contract in this period (shows to contract 3.0, +20.0%; shows per listing 4.4, +63.0%).
• Plan around a 26-day average marketing window (+44.4%).
• With 206 active listings (+2.0%), condition and presentation can help differentiate listings.
• Expect negotiations to be more measured as overall activity cools (closed volume -8.6%).

Opportunities

• More time to decide - days active in MLS increased to 26 (+44.4%).
• Less pending competition - pending sales fell to 34 (-40.4%).
• More selection - active listings rose to 206 (+2.0%).
• Potential for leverage on slower listings - longer marketing windows can create more negotiation space on certain homes.
• Fewer showings to contract - shows to contract was 3.0 (+20.0%).

Challenges

• Prices still rising - median price was $850,913 (+2.6%).
• List-price performance remains firm - 100.0% of last list price (0.0%).
• Inventory still below balanced levels - 2.9 months supply (+7.4%).
• Showing activity increased - shows per listing rose to 4.4 (+63.0%).
• Sellers are holding close to original pricing - 99.6% of original price (-0.8%).

Buyer Strategy

• Longer market time can create opportunities to be more selective, even if list-price outcomes remain firm.
• Act within the typical 26-day window to remain competitive (+44.4%).
• With pending sales down 40.4%, focus on value, condition, and pricing rather than rushing decisions.
• Inventory at 2.9 months supply indicates conditions are still competitive, even if momentum has slowed.
• Homes with longer market exposure may offer more flexibility than newly listed properties.

February 2026 conditions in Santa Ana reflected softer demand alongside rising prices and longer marketing timelines. Pending sales fell to 34 (-40.4%) while days active in MLS increased to 26 (+44.4%). At the same time, pricing measures moved higher (median $850,913, +2.6%; average $869,995, +1.2%), and sellers averaged 100.0% of last list price (0.0%).

Inventory increased modestly (active listings 206, +2.0%) but remained below balanced levels (2.9 months supply, +7.4%). Higher showing activity (4.4 shows per listing, +63.0%) suggests buyers are still active, though the decline in pending and closed metrics indicates more caution and selectivity. Outcomes may vary more by pricing, condition, and location as the market adjusts.