Here’s your Market Update for the month of December from #TheWrightRealtor

👉 Inventory levels have experienced a significant drop, reaching their lowest point since July. This seasonal trend aligns with broader market conditions. Currently, there are only 358 active listings in South Orange County as we approach the end of the year. 📉

👉 Buyer demand has also dipped to its lowest level since 2004, influenced by high mortgage rates and the scarcity of homes for sale. With the holidays in full swing and mortgage rates remaining elevated, we anticipate this trend to continue into year-end. 🎄

👉 Even the luxury market, with homes priced above $2 million, has experienced a similar slowdown in both supply and demand. ⬇️

👉 Looking ahead to 2024, we expect some changes as economic factors and potential shifts in mortgage rates may impact market dynamics, affecting both demand and the willingness of homeowners to sell. 📅

For professional advice and assistance navigating the current market conditions, reach out to our team 📲 949-310-3417

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