Here is a quick recap of the current standings of the OC Housing Report as of 9/7/2021.
Over the past two weeks:
- Inventory has dropped 9%
- There are currently 2,289 homes in inventory
- Demand has slightly dropped by 12 pending sales
- There are currently 2,682 pending sales
- Expected Market Time* has dropped to 26 days from 28 homes
- 32% of inventory are luxury homes
- 0.6% are distressed homes
The autumn market* has arrived which means we will see a large drop in supply, a small drop in demand, and the speed of the market will remain the same. It’ll be a slower time of the year for housing. According to researchers, this will be the HOTTEST autumn market since stracking started in 2004. Although you’ll see a slight decrease in demand, buyers will not be getting deals anytime soon. The market will feel the same since the decrease in supply and demand are around the same rate. Sellers will see slightly fewer showings and offers.
- If spring showings were at 100, fall showings will be at 50
- If spring offers were at 20, fall offers will be at 10
Buyers will still be competing as demand is higher than supply. Overall we can conclude that the supply crisis will continue. If you are interested in buying or selling, please reach out to us at 949-649-4902.