Orange County Housing Market Trends – We now have a “BALANCED” MARKET
This housing inventory chart provided by Stephen Thomas, compares active home listings to homes in escrow for all of Orange County.
Can you see the time in May of 2013 when the to charts almost touched? What we experienced at that time was a twelve year low in supply and an all time low interest rate environment. Every home which came on the market sold in multiple offers (as long as it was not sliding down the hill.)
Today we are at about 8,000 active listings with demand at about a third of that number. Some of this is due to over enthusiastic sellers who overpriced their homes and now they are coming off the market.
Time on the market is now averaging over 3 months which is technically a balanced market. Anything under 3 months is a “seller’s market” and anything over 5 months market time is a buyer’s market.
Multiple offers are a thing of the past for now unless the property is under valued or if it is a very unique property. As an example I just had the pleasure of representing some empty nesters who put an offer in on a one story home with four bedrooms and a three car garage. We offered on the second day and there were eventually five offers. Because I was aware of the market statistics I was able to counsel my clients properly and they did secure the home of their dreams.
For current market trends or for expert buyer representation call Ron Buck at 949-456-0505.