Summer is in full swing here in Orange County, and our real estate market has definitely seen some interesting changes throughout this season. Today, let’s take a look at some of the most notable developments.
For one thing, inventory is way down. This July, there were 11% fewer listings available on our market than there were during that same month last year. The number of new listings hitting our market has also slowed, with a growth of just 2% year over year this July.
However, given that homes are still taking approximately 91 days to sell, our market remains fairly balanced. Neither buyers nor sellers have a distinct advantage. This might surprise sellers who have fallen for the myth that summer is the hottest time of year to sell, but the truth is that spring, not summer, is actually the most active season for real estate.
Once spring passes, the rate of home sales (and the rate of new inventory coming to the market) tends to slow down. And activity drops even more significantly by the time fall arrives.
This year, though, low interest rates have prevented our market from slowing down quite so severely as we progress further into summer. This is because demand is rising more quickly than supply, which allows our market to keep moving forward even as fall draws near.
In short: Buyers, sellers, and investors alike can enjoy the unique opportunities presented by today’s dynamic market. Whatever your goals, we would be happy to help you meet them.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.