January Orchard Hills Market Update
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We’ve entered the Holiday Market season—a time when the real estate market typically slows down as people focus on holiday celebrations. If you're considering buying or selling in 2025, now is the perfect time to start planning. Preparing and strategizing today can set the stage for success in next year's evolving market.
Gorgeous condo in the beautiful Agave community of Portola Springs! Built in 2013, this spacious end unit features the largest floorplan, offering 3 bedrooms, 2.5 baths, an open layout, and two inviting outdoor courtyards. Enjoy a prime location with open views, abundant natural light, and privacy. Enter through the formal foyer into a bright great room with high ceilings, custom media built-ins, recessed lighting, and luxury vinyl flooring. Sliding doors seamlessly connect the great room to the dual courtyards, perfect for indoor/outdoor entertaining.
Many sellers are entering the market with expectations of a quick sale, reminiscent of the hot market earlier this year. However, with the market shifting to a more Balanced Market, pricing has become crucial, and 54% of active listings have been on the market for over a month.
Gorgeous Home in the highly sought after 24-hr GUARD GATED community of Northpark! Located near the end of a quiet cul-de-sac, this impressive home boasts 5 Bedrooms + Loft, Main Floor Bedroom and Full Bath, 3-Car Garage, upgraded kitchen and backyard, all on a 5,000+ SQ FT LOT!
Inventory has shot up by 17% since the year began, suggesting some relief from the inventory crisis. It's the first time since last April that we've seen more homes available compared to the previous year. Despite mortgage rates fluctuating between 6.6% and 7.1%, demand remains strong, demonstrating market resilience in the face of higher mortgage rates.
The Orange County housing market has cooled since Spring, with Expected Market Time (# of days to get into escrow) increasing from 37 to 59 days. Luxury properties, homes priced above $2M, have also experienced a slowdown, with Expected Market Time rising from 101 to 168 days. Despite the extended selling periods, prices in the luxury market have remained stable. Most high-end sellers do not have to sell and do not adjust their asking price as often compared to sellers in lower price ranges.
Happy New Year! Hope everyone had a wonderful holiday season.
Usually, during the holiday season, traffic slows down and everyone takes a break. However, this past holiday season was just the opposite.
Thanksgiving is right around the corner and the year is coming to a close! I'm sure you have all heard by now, effective December 1, 2019, both gates will be staffed by a guard from 5 am to 10 pm, 7-days a week!
Halloween is around the corner and as we enter the 4th quarter of the year you'll want to take a look at your October market update.
Summer is nearly over and the kids are back to school (yay!). Hope everyone also had a wonderful Labor Day Weekend!
It is now officially the "Autumn Market." Many buyers and sellers are holding out and hoping for a change in the market.