Welcome to our weekly Orange County real estate market report! As always, we bring you the latest updates on the housing market in the area, based on real-time data gathered directly from the MLS.
This week, we have some interesting news to report. For the second time this year, homes in Orange County have sold for over the list price. This may be an indication of a strong seller's market in the area, and we will be keeping a close eye on this trend in the coming weeks.
However, we understand that many people are nervous about buying in a market that could crash at any moment. Despite the negative headlines that have been circulating for the past 10 months, we have not seen any indication in the data that there will be a flood of inventory and lower demand for housing. This means that the real estate market will continue to be steady in Orange County.
Other markets, like Austin, TX, are still recovering from an influx of people moving to the area and causing unprecedented appreciation. Inventory levels in Austin are currently at 2019 levels, and price reductions are nearly 50% of the total inventory. This has resulted in a somewhat stagnant real estate market in the area, as high-interest rates have impacted affordability in Austin more than in other markets.
In Orange County, however, we have a unique dynamic between buyers and sellers. Demand is still high, as evidenced by the days on market and the sold price versus the list price. While many reports measure demand by the under-contract and pending statistics, we have a low number of closings due to the restricted inventory in the area. If more homes were available for sale, there would likely be more sales because buyer demand is still strong.
Take a look at our market report video for all the latest data.
