What to expect from the Orange County housing market this holiday season.
Today, I’ll discuss the upcoming holiday season’s potential cold front and delve into the supply, inventory, and demand market stats.
Before the pandemic, the average inventory in Orange County was 6753 homes, with an average of 2630 homes sold during this time annually. Currently, there are only 2475 homes available for sale, which is fewer than the pre-pandemic sales average and the current demand.
To gauge demand, we consider the number of homes being sold. Of the 2475 available homes, 1580 were pending last month. Despite lower demand than pre-pandemic levels, it could be argued that demand is emotionally higher. This seeming contradiction can be clarified by understanding the listings. Before the pandemic, an annual average of 25,800 new listings would appear on the market.
In contrast, this year has only seen 14,519 new listings. Consequently, there’s a scarcity of homes for buyers, leading to fewer overall sales. However, fewer homes selling due to low inventory doesn’t necessarily translate to low demand.
If your property is appropriately priced and appealing, you can take advantage of the current market, which has more buyers than available homes. Despite the data indicating a potential slowdown, the reality is that a well-priced, attractive property can still receive multiple offers.
If you have a specific situation you’d like my team and me to evaluate and provide feedback on, feel free to call or email us. We’re here to assist.