???? March 2024 Orange County Housing Market Update ????

???? Supply Update: Currently, Orange County's housing inventory is slowly climbing, with about 2,000 homes on the market. This figure is significantly lower than the pre-pandemic average of over 5,000, indicating we are still in a dramatically undersupplied market. However this is going to be the new normal for the foreseeable future in Orange County's Housing Market.

???? Demand Surge: February saw a notable increase in demand, with homes going into escrow at or above asking price jumping from 51% in January to 59%. Furthermore, 59% of the last 500 homes sold went into escrow in less than 2 weeks, showcasing just how fast things are moving. If you have been to an open house over the last few weeks you'll know the market is hot as most are packed with multiple offers coming in within a few days of homes hitting the market right now.

???? Interest Rates: After peaking above 7.16% in February, rates have slightly dipped back into the 6's, currently averaging at 6.97%. If we go much lower, especially if we get back to the mid 6's expect rocket fuel to be poured on the demand in the housing market.

???? Buyer's Outlook: With inventory still low but rising and interest rates potentially falling in the future, buyers are in a tough spot. Preparation is key, getting that pre-approval done now and understanding market conditions can position buyers to act swiftly when the right opportunity arises. However the key this year for buyers is going to be patience. With inventory so tight and competition heavy, it could take months to find and get into escrow in the right place. If you are thinking of being in a home anytime in the next 6 months, you need to start looking now.

???? Seller's Strategy: Now may be an optimal time to list your home. With competition still relatively low and buyer interest increasing, sellers who act promptly could maximize their returns, especially if interest rates adjust favorably.

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Josh Alexander
THE brokeredge
[email protected]
714.366.2186
DRE#:01974435