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In June of last year, housing climbed out of COVID lockdowns and resurfaced firing on all cylinders. Overnight, the real estate industry has become accustomed to tons of showings, multiple offers, and homes selling for more than their asking prices. The luxury housing market ($1.5M+) has surged right along with the lower price ranges at a record pace. Through September in Orange County, closed sales are up 30% year-over-year for all price ranges. At the current pace, sales in 2021 are the highest since 2005, prior to the Great Recession.
- Active Inventory plunged by 6% in the past two weeks. There are fewer homes right now than there were at the start of this year. The supply crisis will only become more acute and intensify as the year rolls to an end. November and December are cyclically the slowest months of the year.
- Demand nearly unchanged in the past couple of weeks. Demand typically drops about 2% during this time of the year, however, today’s strong demand reflects the low mortgage rate environment. Demand will slowly drop from now through mid-November and plunge during the Holiday Market. If you have been waiting on the sidelines to sell, NOW is the time.
- Days on Market - With a significant drop in inventory and no real change in demand, the Expected Market Time dropped from 26 to 24 days, an extremely Hot Seller’s Market (less than 60 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
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