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Full Orange County Housing Report
The active listing inventory is nearly unchanged over the past two weeks. Typically, this is the time of year where inventory is growing. Instead, expect the active listing inventory to drop from here and then remain at a low level until after the “stay at home” order has been lifted. In addition to less new listings, many sellers have opted to place their homes on “Hold Do Not Show” status as well.
Demand, the number of new pending sales over the prior month, decreased from 2,583 to 2,398, shedding 185 pending sales, down 7%. The “stay at home” order has made it extremely difficult for buyers to see homes. Virtual tours and professional photos will go a long way in allowing buyers to view homes that they are interested in digitally. Demand will continue to drop and remain at muted levels until the COVID-19 outbreak subsides.