OC Housing Market Update

OC Housing Market Update

Housing Prices Make An All Time High

The OC housing market has been showing positive trends this year. In August 2023, the overall median sales price exceeded the previous year's numbers, indicating an upward trajectory in property values.

 

Additionally, the supply of active inventory, represented by the number of months it would take to sell the current amount of homes divided by demand, decreased by 17% compared to the previous year. This suggests a decrease in available properties and a strong demand from buyers.  Below is August Inventory 2021, 2022 and 2023.

 

The average days on the market stood at 23 days, indicating a seller's market where properties are being sold quickly. With an average time of less than 40 days, the market is considered very robust. Despite a decrease in volume by 8% due to affordability challenges, the lower inventory and stable demand continue to contribute to increasing property values in Orange County.

During the fall season, Orange County housing market is expected to continue facing low inventory levels, which is a common trend for this time of year. The market typically experiences a decrease in the number of available homes for sale as homeowners withdraw their listings or wait until the following spring to put their properties on the market. This limited inventory, coupled with softening demand, can lead to a less competitive market and potentially slower sales. However, despite these factors, Orange County remains an attractive location for potential homebuyers due to its desirable weather, thriving job market, and various amenities.

If you would like a detailed analysis of a particular area, feel free to reach out. 

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The attention to detail required of an appraiser has been applied to the entire buying or selling process. From listing properties and researching home values to arranging the necessary paperwork, Mat assures his clients that the tiniest of details won't fall through the cracks. Contact him today to discuss all your real estate needs.