October 2, 2023, Orange County Real Estate Market Report

Market Overview:

Orange County is a robust and growing real estate market, while the rest of the US real estate market is slowly slowing down due to rising inventory levels and cautious purchasers. The demand in Orange County is still strong in spite of the rising interest rates. Orange County has seen a little increase in new property listings and an uptick in new closings compared to the national average. This results in lower aggregate county inventory levels, which is an important development in the current market. See the information displayed in the first graph.

Orange County buyers still face competition, particularly for houses that are priced competitively and presented beautifully. The fact that the Days on Market figure is still below the national average highlights how active the local real estate market is. If you're thinking about selling your Orange County property, your chances of a quick and easy sale are favorable. But it's important to recognize that 457 houses on the market right now have been there for longer than three months. Why don't some houses sell? We can give you detailed local information to make the selling process easier for you to handle. See the Days on Market graph for this week's statistics for further in-depth analysis.

There has been competition for purchasers in our region within the last month. But this week, the average price at which a home sold was 0.6% less than what it was listed for. It's crucial to remember that buyers and sellers could agree to a reduced selling price in exchange for repair credits during the escrow period. For potential purchasers, however, this small drop in closing costs is a positive trend. Examine the Key Stats chart for a thorough rundown of the most recent information.

There are currently no compelling signs or causes to expect a spike in the number of available homes to enter the market. Surprisingly, about 65% of Orange County homeowners are currently in possession of mortgages with interest rates that are typically close to 4%. Because they are usually not in the market to sell, this group helps to keep our housing market stable.

 

The real estate market in Orange County continues to be a bright spot amidst changing national trends. Our market is characterized by favorable pricing dynamics, a low Days on Market, and strong demand. Making educated judgments requires knowing the particulars of your area, whether you're a buyer or seller. For individualized data and insights to assist you in reaching your real estate objectives, get in touch with us.

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