Let's Chat About The 2019 Orange County Real Estate Forecast
Overall there is a feeling that the hot real estate market is starting to cool. While that may be true for many parts of the United States, the Orange County market might be signally a slightly different response. Balboa Realty, a leader in Orange County real estate and property management breaks down the Orange County real estate market.
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Typically, there is a standard cycle that occurs each year in Orange County. The year always starts with low inventory of homes for sale and low interest in buying. Home inventory increases more slowly and it's peak is Labor Day before it starts to decrease. It is a common belief that many home buyers want to move during the summer, but we've seen a shift towards more people buying homes in the winter and spring.
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Demand shows a little bit of a different trend than supply. Quickly, demand starts to increase in the beginning of the year until it's high point of Memorial Day at which is starts to decrease until the end of the year. The first half of the year is when demand is the highest and then when summer hits, this becomes a very busy time for a lot of people. The second half of the year becomes a time of year for people wanting to take summer trips, balancing their kids' summer break, and as the holiday season hits this is very holly jolly, but (extremely busy) time of year.
Nationally, the inventory of homes for sale increased between 5 - 10%, but in Orange County, the inventory increased by 33%. This proves that people are wanting to sell and there is a great selection available at different price points for buyers. Another key statistic to pay attention to is that 92% of homes in the Orange County area have been price reduced. This year already shows an increased inventory of homes for sale which means the market is tilted in favor of the buyer this year. This is great news for buyers because they will have more homes to choose from and more time to make get a loan and more leverage when placing an offer.
Published on Friday, March 15, 2019