Unexpected Market | Orange County Housing Report

The Orange County housing market experienced a substantial slowdown that is unusual for this time of the year.

What we're seeing:
→ Active inventory is largest rise we've seen in last decade for this time of year
→ Coastal South OC hasn't seen the same rise as the rest of the county
→ San Clemente average days on market is now 80 days
→ $3 mil+ homes are averaging 121 days on market
→ Pace is starting to pick up for luxury properties
→ Interest rates are over 7%, which affecting buyer interest
→ Pace is starting to pick up for luxury properties

What we can expect:
→ Sellers will have to pay attention to pricing in the spring
→ If Sellers overprice they'll be sitting for a while
→ Buyers will see more inventory the next couple months
→ More competition will be coming on the market

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Doug Echelberger | DRE 01176379
Inhabit Real Estate

#RealEstate #OrangeCounty #HousingMarket #HousingReport #MarketReport

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