|
The housing market has been extremely hot since June 2020 and has not let up ever since. Current market dynamics point to a continued supply crisis with fewer homes entering the market, elevated demand due to historically low mortgage rates, and an insane "Days on Market" well below 40 days. All signs point to continued multiple offers, continued crowds of buyers jumping at every home listed on the market, and continued appreciation.
- Active Inventory remains unchanged over the past two weeks. With fewer families opting to sell now that the kids have gone back to school, expect inventory to slowly drop from now through Thanksgiving. Last year’s virtual schooling made it a bit easier for families to make a move. That is not the case this year.
- Demand dropped by 2% in the past couple of weeks. On average, demand drops 3% at this time of the year. However, based upon today’s low-rate environment, buyers remain eager to purchase and cash-in as soon as possible. Yet with fewer homes coming on the market, expect demand to drop slightly from now through Thanksgiving.
- Days on Market - With no change in inventory and a slight drop in demand, the Days on Market remains unchanged at 26 days signaling an insanely Hot Seller’s Market (less than 60 days). Last year the Days on Market was 39 days.
Included below is your 90-day and 12-month Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated.
- Ellie Yung, Your Orange County Real Estate Specialist
|
