April Orange County Housing Market Update

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    You'll be shocked when you see the market update this month. Make sure to read to the end because I gave a prediction, which I don't typically do.

    New Listings = Down again. This is NOT normal. We have seen fewer new listings coming to the market for two months in a row. This time of the year, we should see this number increasing a lot. There were 1,851 new listings in March which was 13% fewer than this same time last year.

    Available Listings = Even with fewer new listings coming to the market, we did see available listings increase from last month. There are 2,912 active listings on the market, about 150 more than last month. Even though this is also down about 13% from last year, at least it's going in the right direction.

    Days on Market = Basically the same, but it did decrease from 10 to 9. Homes are selling very fast. This will continue through the summer market. Expect the market to get hotter before it cools down.

    Price = 18% higher than they were at this time last year. The median home price in OC has hit another new high. $1.15m. A $50k jump over last month. This will continue to increase, but how much it will increase is something I'm not sure about yet.

    Interest Rate = Unchanged from our last update. As we know, rates change daily, but we're still just above 7%, today showing 7.01%, according to MND.

    Summary:

    What does this mean for the market? If anyone is still holding on to a flood of inventory to drive prices down, I'd be surprised. Inventory is hardly able to keep up with demand, even though both are very low.

    Will more homes come to the market before we see more buyers come to market? I don't think so. I am confident that we will be in a low inventory market for quite some time. Most are all in agreement that we're going to see interest rates come down, even though we don't know how much or when.

    If I were to make a prediction, which I don't like to do, it would be that buyers in the market today are taking advantage of the market. Right now, it feels a lot like it did in early 2020.

    Most buyers are looking for a home for the next 5-10 years. The buyers that take advantage of this market will look back and be glad they bought when they did. They'll have the opportunity to refinance their loans at a later time with lower interest rates.

    Is that guaranteed? Absolutely not, but it is likely. It's also a prediction. A prediction based on a ton of data and a very close pulse on our local market.

    PS—Sellers who are also buyers, this gets a little more complicated. You need to work with an agent who has options for you. For example, with Onyx Homes, you can...

    1. Sell your home without listing it on the market while still getting top $$

    2. Get a cash offer today, close when you want

    3. Do renovations with no upfront costs, then list and sell for top $$

    or, we can also go the traditional method of listing, with our new era marketing approach to also get you top $$.

    To get the ball rolling, you can go to TrackYourValue.com or call/text us at (949) 649-4902 or just reply to this email.  

     

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