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Orange County Housing Report
The active listing inventory decreased by 18 homes in the past two-weeks, nearly unchanged, and now sits at 4,005. The only reason the active inventory increases have not yet materialized much this year is due to the insane amount of buyer demand. Homes are coming off the market and placed into escrow as quickly as they are coming on. But, now that the Spring Market is officially here with the start of February and both the Super Bowl and the holiday season firmly in the rear-view mirror, more homes will enter the fray and pop on the market. Yet, based upon current buyer demand, the inventory will not vividly rise.
Last year at this time, there were 6,100 homes on the market, 2,095 more than today, a 52% difference. There were a lot of choices for buyers last year.
Demand, the number of new pending sales over the prior month, climbed from 1,702 to 2,173, an additional 471 pending sales, up 28%. It was the largest increase in two years. Demand is on the rise, which will continue until peaking in late April to mid-May. The market is rapidly getting hotter because demand has been surging while the inventory has remained flat.
Last year, there were 382 fewer pending sales than today, 18% less.