Turning The Corner

orange county

(Data obtained from Infosparks including all residential Orange County)

The Orange County real estate market has been seeing a shift in trends lately, with new listings starting to increase after a long period of decline. Since January 2024, the number of new listings hitting the market has been on the rise, with the latest April number reaching 2225. This uptick is a positive sign for the market, although it is still below the long-term average. We first alerted to the increase in listings within our previous post from February "Real Estate Prices Explode".

(Data obtained from Infosparks including all residential Orange County)

Along with the increase in new listings, the price per square foot for residential properties in Orange County has been steadily rising. In fact, it recently hit a new record of $744 per square foot on average.

Additionally, the days on the market for residential properties are below what is considered an extreme sellers market, with an average of 23 days across all price points. Even in the luxury market, where days on the market are at 51, it is still well below a balanced market. Overall, these factors point to a changing and slightly improving trend in Orange County real estate.

The recent shifts in the Orange County real estate market have sparked interest among both buyers and sellers alike. The increase in new listings, coupled with the steady rise in price per square foot, signifies a changing trend that could benefit both parties in different ways. For buyers, the surge in new listings offers more options and opportunities to find their dream home in a competitive market. With more inventory to choose from, buyers may have better leverage in negotiations and a higher chance of finding a property that meets their needs. Additionally, the rise in price per square foot, while signaling a competitive market, also suggests that the value of properties in Orange County is on the upswing. This can be reassuring for buyers as they may see their investment appreciate over time.

On the other hand, sellers may also find the current market conditions favorable. The decrease in days on the market indicates that properties are selling quickly, which is a positive sign for sellers looking to move their homes efficiently. The increasing price per square foot further suggests that sellers may be able to fetch higher prices for their properties, potentially boosting their return on investment. The overall increase in new listings also means that sellers have more competition, which can drive up demand and possibly result in multiple offers on their property.

In conclusion, the changing trends in the Orange County real estate market offer potential benefits for both buyers and sellers. Buyers can take advantage of a larger selection of properties and potentially increasing property values, while sellers may benefit from faster sales and potentially higher profits. Overall, the upward trend in new listings and price per square foot signifies a positive shift in the market that may create opportunities for both buyers and sellers to achieve their real estate goals.