March 2024 Orange County Market Update

As we move into March 2024, it's time for a fresh update on what's happening in the Orange County housing scene. In this edition, we delve into the nuances of the active listings and demand dynamics shaping the current state of Orange County's real estate market. With a keen eye on recent developments and an understanding of the broader economic context, we aim to confidently equip you with the knowledge to navigate this ever-evolving landscape.

Active Listings:

In recent weeks, the active listing inventory has seen a modest uptick, increasing by 3% to just under 1992 homes. With the Spring Housing market's onset in mid-March, we anticipate a steady influx of homeowners putting their properties up for sale. Traditionally, May is the peak month for new listings, followed by April. However, it's essential to note that market dynamics can shift, especially if there are fluctuations in interest rates later in the year. Should rates drop, we might see the peak months for active inventory occur later than the typical seasonal pattern.

Demand:

On the demand side, things are looking robust. Pending sales have surged by 6% over the last two weeks, reaching approximately 1476. This increase in demand, outpacing the supply growth, has led to a decline in the expected market time. Currently sitting at 40 days, down from 42 days a couple of weeks ago, this metric indicates the number of days it would take to sell all Orange County listings at the current buying pace. The pre-Covid 3-year average stood at 64 days, highlighting the accelerated pace of today's market.

Key Metrics

• Available Listings: The current increase of around 200 homes on the market compared to last month is a positive sign. However, the growth in listings remains slower than anticipated for this time of the year.  
• Price: Following a slight dip during winter, the median home price has rebounded to an all-time high of $1.1 million in February, reminiscent of the figures observed last summer.
• Interest Rate: While interest rates have slightly increased over the last 30 days, they remain within a favorable range for prospective buyers and investors.

Staying informed is critical in navigating the ever-evolving Orange County real estate landscape. Whether you're a prospective buyer, seller, or simply an enthusiast of the market trends, staying updated with reliable information is vital. Bookmark our blog and follow us on social media for regular updates and insights into the Orange County real estate market. Take advantage of valuable information that could shape your next move in the market!