The Summer Market Has Arrived!
The weather is warming up, the school year is coming to a close and the smell of summer is in the air! As the graduation signs begin to fade you may be noticing a different kind of sign in your neighborhood.
That’s right, more and more for sale signs are beginning to appear throughout Orange County and with those are more open house signs as well. With the end of the school year right around the corner, so is the summer market. That means more active inventory and even more open houses as active inventory is now predicted to peak sometime between July and August.
With so many distractions and activities on the horizon, buyers and sellers are wondering what exactly should they prepare for. The truth for sellers is this: there are only 90-days left to take advantage of the second best time of the year to sell a home, and homes priced at fair market value are seeing the most offers and activity.
Active Inventory Increased 5% in Orange County
Over the past two weeks, active inventory has grown by 5 percent, adding 296 homes to the market and marking the highest level of inventory in Orange County since August 2017. Since the beginning of April, active inventory has seen a record 22 percent increase, the largest since 2004.
Luxury homes saw the biggest increase in demand over the past two weeks with homes above $1.25 million increasing by 6 percent. Year over year, luxury demand is up an impressive 18 percent! Currently luxury listings, homes above $1.25 million, account for 37 percent of the inventory in Orange County.
All in all, for homes priced between $1 million and $1.25 million, there is a strong demand ratio that benefits sellers. This range represents 18 percent of the active inventory and 23 percent of demand.