Lisa Mailhot | March 24, 2024
Buyers
The real estate landscape is dynamic, and understanding the key metrics can provide valuable insights for both buyers and sellers. Let's break down the numbers that paint the picture of Orange County's seller's market:
With a low 1.19 months supply, there's a scarcity of homes available for sale, indicating high demand and fierce competition among buyers.
A significant 20.13% decrease from the previous year reinforces the trend of dwindling inventory, further intensifying the seller's market conditions.
Homes spend a mere 12 days on the market before being snapped up, underscoring the urgency for buyers to act swiftly in this fast-paced environment.
At 100.9%, homes are fetching slightly above their listing price on average, illustrating the willingness of buyers to pay a premium in the face of limited options.
With a median price of $1,108,000, sellers are capitalizing on the high demand, commanding top dollar for their properties amidst the competitive landscape.
For buyers, being prepared to act decisively and potentially offer above asking price can increase their chances of securing a desired property in this competitive market. Seeking pre-approval for financing and working closely with a knowledgeable realtor can streamline the process and provide a competitive edge.
Sellers can leverage the current market conditions to maximize their returns by pricing their homes competitively and showcasing their properties effectively to attract motivated buyers. Working with an experienced real estate agent who understands the nuances of the local market can be instrumental in navigating negotiations and achieving optimal outcomes.
In Orange County's vibrant seller's market, opportunities abound for both buyers and sellers. Whether you're looking to make a move or capitalize on the current market conditions, let's connect to explore your options and make informed decisions that align with your goals.
Reference: 2009-2024 Realtors Property Resource®, LLC. All rights reserved.
Learn why a home equity line of credit (HELOC) may be smarter than a home equity loan this November. With expected rate cuts, a HELOC offers flexibility, savings on re… Read more
Nearly 23% of first-time homebuyers are holding off on their home search until after the upcoming election, hoping the winner’s housing policies will work in their fav… Read more
Climate disasters expose severe risks for mobile home residents, with hurricanes Helene and Milton highlighting how vulnerable these homes are. Explore why mobile home… Read more
The American Real Estate Association is exploring a class action against the National Association of Realtors (NAR) over its Clear Cooperation Policy. Learn how this p… Read more
Student loan borrowers, be prepared for significant changes in 2025 as credit reporting and collection activities resume. Learn what steps to take now to protect your … Read more
An investigation uncovers rampant discrimination against Section 8 tenants in California, with many landlords denying rental contracts to voucher holders. Learn more a… Read more
A lien on your property can halt a sale and create financial complications. Learn what a lien is, how to resolve it, and what options you have if it's incorrect. Under… Read more
With 223,000 affordable housing units set to expire in the next five years, low-income families may soon face drastic rent hikes. Explore the challenges of preserving … Read more
As mortgage rates stabilize, homebuyers are showing renewed interest with a 9% increase in purchase loan applications year-over-year. Explore what this means for the h… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most