January 2021 RSS Feed
Orange County Housing Report: Blazing Beginning
To go along with record low mortgage rates, it is the hottest start to a year since tracking began in 2004.
Hot Seller’s Market
With a record low supply of homes available to purchase and staggering demand, the market is extremely hot.
There is an imbalance in supply and demand. The supply of homes is at a record low and demand is off the charts. As a result, the market has been hot from day one of 2021. The only other time that occurred was back in 2013. What 2013 and 2021 have in common are record low mortgage rates. On January 3, 2013, mortgage rates were at 3.34%, slightly higher than the record low 3.31% achieved on November 21, 2012. On January 7, 2021, according to the Primary…
Orange County Housing Report: A 2021 Forecast
HAPPY NEW YEAR!!! Now, what does that mean for the Orange County Real Estate?
First, let us look back at what happened in 2020 in terms of the inventory, demand, luxury properties and the Expected Market Time.
After starting the year with very few available homes to purchase, the inventory only grew slightly, plunging to unbelievably low levels during the second half of the year.
COVID-19 suppressed the inventory in Orange County. Many homeowners simply did not want to place their homes on the market amid a pandemic. From March through June, there were 4,655 fewer home placed on the market compared to the five-year average, 29% less. The Coronavirus lost its grip on…