New Listings:  

Last month, 2,071 new listings entered the market. While this is lower than the previous month, it's in line with seasonal expectations. We anticipate this trend to continue throughout the rest of the year as fewer homes come on the market. It'll be important to monitor how this impacts available inventory moving forward.

Available Listings:  

Currently, there are 4,464 active listings in Orange County. This number has been steadily increasing throughout the year—only 220 more listings than last month, but significantly up from the December 2023 low of 2,761. This rise in inventory is a positive development for market stability, as we’ve been grappling with a shortage for too long.

Days on maket:  

Homes are spending an average of 13 days on the market before going under contract. However, this can be somewhat misleading as many homes linger longer on the market. Homes that are well-presented and appropriately priced continue to sell quickly, despite the upward trend in days on market. We expect this trend to persist through the end of the year.

Median Price:  

The median home price is $1.16 million, down slightly from $1.17 million last month and a high of $1.2 million earlier this year. This price softening aligns with expectations, and we foresee prices continuing to adjust downward as we head into the winter months. This period represents a unique window of opportunity for buyers.

Interest Rates:  

Interest rates currently stand at 6.43%, a modest decrease from last month’s figure. We are optimistic about further rate reductions in the near term, which should improve affordability for buyers.

Summary:  

The coming months present a significant opportunity for buyers. Here's why:

- Inventory is increasing.

- Prices are softening.

- Interest rates are decreasing.

These factors are collectively driving improved affordability, which is exactly what buyers have been waiting for. However, the winter months are often filled with distractions—upcoming elections, economic uncertainty, and holiday activities. Many potential buyers may choose to wait for:

- Further price drops

- Lower interest rates

- Election results

- The start of the new year

While these are valid reasons, this hesitation creates a strategic opportunity for those who act now. Historically, when prices and rates decline simultaneously, buyer activity surges, pushing prices back up. I believe we’ll see this buyer influx in early 2025.

At our team, we’ve been in touch with many clients considering a move, and their sentiment mirrors what we saw during the winter of 2022. Those who acted then were grateful they did.

As always, I hope this information is helpful, and I look forward to speaking with you soon.

If you are thinking of selling,buying or investing  please reach out as I would love to help!!

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