Orange County Homes for Sale - Market Report- Home Sales Are Down

If you're here, you're probably either in the market for a new home, contemplating selling your property, or just plain curious about what's happening in Orange County's real estate world. Well, you're in for a treat because we're about to unravel the latest market insights. Prepare to be enlightened. Let's dive right into it: New Listings: A Year of Fluctuations First things first, let's talk about new listings. In September, Orange County saw 1,743 new listings. That's up from December 2022 when we had 1,029. However, it's worth noting that despite some fluctuations throughout the year, we didn't quite reach the highs of the previous year. Inventory is tightening, and it's expected to get even tighter as we head into December and January. Active Listings: The Numbers Game Currently, there are 3,172 active listings, up from 3,044 the previous month. But, it's essential to remember that it's still quite different from what we had in July 2022. Inventory is indeed getting tighter, leading to whispers of a potential market crash. However, keep in mind that a crash without substantial inventory is improbable. While it's low right now, a crash in the coming years seems unlikely. Pending Sales: A Gentle Slowdown Let's discuss pending sales. They've seen a dip, which is no surprise given the limited inventory and higher interest rates. Homes are spending a bit more time on the market, offering buyers more options. Sellers, be prepared for your property to take a bit longer to sell compared to the lightning-speed sales of the recent past. Closed Sales: A Seasonal Story In September 2023, Orange County recorded 1,651 closed sales. Not bad at all, but remember, real estate has its seasons and cycles. During the colder months like December and January, a slowdown is quite normal. So, don't panic if you see a dip in closed sales. It's all part of the natural rhythm of the market. Closed Volume: Where the Money's At Now, let's talk money. The closed volume for Orange County in September 2023 was $4,644,193,000. A respectable figure, although it's down from the previous month. Million-dollar homes are taking a bit more time to find their buyers, but they're still making their way off the market, which is reassuring for overall market health. Days on Market: The Waiting Game Days on the market is a key metric, reflecting market urgency. In September, the average days on the market was just 11 days, compared to 31 days in January. Clearly, with limited inventory, homes are flying off the market faster than you can say "sold." But remember, this trend won't last forever. Months of Supply: Finding the Balance The month's supply is hovering around 2, which is considered healthy for the market. It's been relatively consistent over the past year, ranging from 1.5 to 2. No signs of extreme oversupply or scarcity in sight. Price Per Square Foot: Peaks and Valleys The median price per square foot in September stood at $629. Prices have been on the rise, but brace yourself for a potential descent in the coming months. It's all part of the natural ebb and flow of the market. Timing Is Everything Lastly, timing is everything. If you're a buyer, consider jumping in during November, December, or January. Yes, interest rates might be high, but remember, they can be refinanced later. These months tend to be less competitive as most people are wrapped up in holiday festivities rather than house hunting. Sellers, take a breather and consider waiting until February of the following year. While not the most popular opinion, it's about maximizing the value of your asset. Timing and strategy play a significant role. So, there you have it—a comprehensive look at the Orange County housing market. It's a bit like a rollercoaster, with its ups and downs, twists and turns. If you have questions or want to dive deeper into Orange County's real estate scene, don't hesitate to reach out. Your journey in the housing market is uniquely yours, and I'm here to help you navigate it. Stay informed, stay savvy, and happy house hunting!   For more info watch these videos:      Search all Orange County Home Search here: Orange County Homes Search Follow me on Social Media 👋 Instagram 👉 https://www.instagram.com/rickjleehomes/ 👋 Facebook 👉 https://www.facebook.com/RickJLeehomes 🎥 WATCH NEXT 👉 Subscribe for more Videos: https://www.youtube.com/channel/UCytj... 🔻CONTACT INFO🔻 🏠 WANT TO TALK REAL ESTATE? Fill out this contact form here https://www.rickjleehomes.com/contact 🏠 SEARCH FOR LONG BEACH AND ORANGE COUNTY HOMES FOR SALE https://www.rickjleehomes.com/ 🏠 FREE HOME VALUATION https://www.rickjleehomes.com/evaluation ✔️​ CHECK ME OUT ON GOOGLE https://g.page/r/CdWWiyYU6NKIEAE Rick J Lee Rick J Lee Homes Realtor @ ΓEA⅃ Broker DRE # 02130981 📞C:714-943-1598 📧rickjleehomes@gmail.com 🖥RickJLeehomes.com  

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