I love this handy Market Watch we as agents have access to from OCAR. It is a simple and quick way to review the direction the Orange County Real Estate Market is performing right at the moment. I am sure consumers are hearing the cries from their local agent inventory is so low.. Now is the time to list. It's true... inventory is extremely low. Take a look at this quick info graphic of the last 24 hours..
To summarize in the last 24 hours 195 real estate listings came on the market. That includes, New Listings and properties that came back on the market. At the same time 231 real estate listings came off the market, which includes: Sold properties, Pending Escrows, Back Up Escrows and Expired.
Looking at this in one day, you might think the real estate market is pretty balanced, though more homes are coming off the market than coming on. But let's take a little longer look at the the number of real estate transactions in the last 7 days...
Looking at the 7 day view you see a much different picture: 1041 homes came on the market in ALL of Orange County, but 1420 came off the market.
The rule of supply and demand is key in real estate and a key factor in pricing your home. We all know the rule, yet it makes me wonder why more sellers don't list in January and February when inventory is typically the lowest. But as soon as spring hits and they start seeing more signs pop up in the neighborhood, i.e. inventory increase, it's time to get in the market!
If you are considering listing your home, make sure to review the current inventory in your neighborhood but as well the surrounding area. When is inventory typically less? When is inventory the highest? How do pricing trends, relate to inventory timing? Asking these simple questions early in your listing strategy will help you determine when is the best time to list your home!
Currently in my neighborhood, Portola Hills. There are 3 active properties. Yes 3... the average number of homes that sell in a month is 9! So that equals less then a month of inventory on the market. Looking to get to top dollar, mutiple offers... let's chat!