Thoughts, anecdotes, and forecasts
As we begin the New Year, the slight downturn the market experienced heading into the holidays has been shooting right back up. We’re currently working with several clients looking to purchase in Orange County in the 800k-1.1k range and they’ve been beat out on properties.
I expect that the housing market to be hot as long as interest rates stay low. As soon as rates jump up, and being that they’re so low there’s nowhere to go but up, the market will take some time to adjust to the new environment.
Median Home Price (month ending December 2020) - $791,500
This is for all property types - condos, townhomes, single family homes.
Avg Days on Market - 11 Days
Most homes are selling in less than two weeks. Many homes are selling after a weekend.
Avg List to Sell Ratio - 100%
Most homes are selling for asking price, most often over ask.
Current Inventory - 4171 units
Just above 4000 homes for sell.
