The first months of the Orange County Real Estate market is shaping up to be very short on supply on long on demand. While this may ease up a bit heading into summer, right now the numbers are indicating a hit seller’s market.
In just two weeks, demand has increased 22% while supply has only increased 2%. To understand why the market is changing so rapidly, let’s dust off that old Econ 101 book that details supply and demand. When there is a lot of supply and very little demand, prices fall, which favors buyers. When there is very little supply and tremendous demand, prices rise, which favors sellers.
Since 2012, the supply of homes on the market has been severely constrained and demand, propped up by historically low interest rates, has been through the roof.
Here are some interesting data points:
I would advise sellers to jump in to sell any time from now until May for best results, and buyers should remain patient, ready to write a great offer and diligent in their home search if they want to achieve success.
I love OC Real Estate. I have been in the field right here in Orange County, California for over 30 years and have lived in several of the great OC cities. Heck, I was born here! Let my unique insight and knowledge help you with your real estate transaction.
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