Strong Start to 2024

real estate

New Listing Levels Remains Very Low

Strong start to the year as new listing levels remain very low. In above chart we can its easy to see that currently we are at historically low new listing levels, with 2023 being the lowest in recent years. We are about 2/3 of the way through the month of January and it looks very similar to 2023.

With a growing number of potential buyers entering the market, the available inventory simply cannot keep up with the level of demand. For sellers, the current market conditions present an opportunity to capitalize on the high demand and limited supply. With fewer homes available, sellers may find themselves in a favorable position to receive multiple offers and potentially sell their homes at a premium price.

It's interesting to note the dynamics of the real estate market in Orange County by price. Note that the price range of $500,000 to $1 million is experiencing pending sales prices exceeding the list price. However, as list prices exceed $1 million, the pending sales price trend tapers down, indicating a decrease in demand or at least a shift in buyer preferences. This observation provides valuable insight into the local real estate market and the behavior of potential buyers in different price brackets. This is trend is in line with the San Clemente housing market as well.