Spring has Sprung in Orange County
It may not feel like Spring just yet in Southern California, but the local real estate activity throughout Orange County is showing tell-tale signs of change. According to the latest Steven Thomas housing report, the spring market has already arrived. This is the time of year where the expected market time dips to its lowest level, and Orange County housing is already moving at a feverish pitch.
The latest Orange County housing report indicates that as demand continues to increase, it’s officially the best season to sell a home. With a steady stream of buyers at open houses for homes priced below $1.25 million, sellers receiving multiple offers within days of listings and buyers writing offers before even seeing the home, the housing market activity is nothing short of crazy right now!
Expected Market Time
The velocity of the Spring Market is predominantly indicated by expected market time. For detached homes, the expected market time dipped below 60-days for the first time since April 2017. It’s a hot market for homes priced between $750,000 and $1 million with a 39-day expected market time, and homes priced between $1 million and $1.25 million are also showing strong signs with closings under 60-days.
Tip for Sellers: pricing very close to the most recent comparable pending and closed sales is fundamental to capitalizing on the current expected market time for your home’s price value. While demand is red-hot, buyers are still weary of overpriced homes that show little return in the long-run.
Supply and Demand Continue to Increase
Active inventory has increased by 5 percent over the past couple of weeks, but it’s still not enough to meet the current demand for homes. As supply gradually increases, demand drastically increases keeping the market skewed towards favoring sellers.
Over the past month, while inventory only saw a 5 percent increase, demand on the other hand increased by 58 percent, and predicted to continue rising well into April. This has a huge effect on the dip in expected market time, as buyers are moving on the market at an accelerated rate.
The Luxury Market
The luxury market is also seeing drastic increases in demand over the last two weeks. With demand for homes above $1.25 million increases from 241 to 336 pending sales, an incredible 39 percent increase. Inventory in the luxury market is also improving, and is up 8 percent over the past two-weeks. Both inventory and demand are expected to rise throughout the Spring Market with the current expected market time for homes priced between $1.25 million and $1.5 million dropping from 113 to 81 days. And the Spring Market is still young!
Selling in Orange County
It’s no secret that now is the time to sell in Orange County. Working with an experienced local real estate agent is crucial to a successful home-selling experience. With 18 years of successful sales and more than $250 million sold locally, I can help you sell your home for the best price. Don’t risk working with anyone else when you work with the best. Call me at 949-285-3215 to get started.
Photo Source: Just Listed, 7 Waltham Road Ladera Ranch, CA - GRAND OPENING March 3 from 12-4 pm