Orange County Housing Market Update

By Scot Campbell | 714-336-0394 | Scot@CampbellRealtors.com | Source: Reports on Housing | June12, 2023

Housing’s Summer Market has arrived, and with it comes an increase in inventory, a slight decrease in demand, and a rise in the Days of Supply. This summer, expect the Orange County housing market to slow slightly yet remain exceptionally competitive for buyers looking to purchase.

The end of May marks the beginning of the Summer Market for housing. As everyone turns their attention to fun in the sun, the housing market evolves and downshifts slightly. Spring is cyclically the hottest time of the year for housing. Buyers and sellers are transacting all year long, yet families with kids like to hit the market in the spring, enabling them to close on a home during the summertime when the kids are out of school. But, as soon as the school year ends, many families still have housing goals of selling and purchasing… As a result, summer is the second busiest time of the year for housing.

The active listing inventory increased by six homes in the past two weeks, nearly unchanged, and now sits at 2,196 homes, its lowest level for a start to June since tracking began in 2004. Last year, the inventory was 3,059, 39% higher, or 863 more. The 3-year average before COVID (2017 through 2019) is 6,501, an additional 4,305 homes, or 196% extra, nearly triple where it stands today.

Demand, a snapshot of the number of new escrows over the prior month, decreased from 1,665 to 1,595 in the past couple of weeks, down 70 pending sales, or 4%. Last year, demand was at 2,020, 27% more than today, or an extra 425. The 3-year average before COVID (2017 to 2019) was 2,766 pending sales, 73% more than today, or an additional 1,171.

The Days of Supply (the number of days to sell all Orange County listings at the current buying pace) increased from 39 to 41 days in the past couple of weeks. Last year the Expected Market Time was 45 days and cooling fast. This is the first time the Expected Market Time has been lower than the prior year since March last year. The 3-year average before COVID was 71 days, slower than today.

“Near 5-Points Shopping Center”

3 Bedrooms | Office | 2.5 Baths | Island Kitchen

Fireplace | 1,750 Asqft | 2 Car Attached Garage

Balcony | Patio Ideal for Pets, BBQ, & Outdoor Dining

Very Quiet Location | Close to Shopping!

NEW LISTING | PRICED AT: $1,050,000 www.18835Huntington.info

“Trinidad Island Off Water Home with Boat Dock”

Originally a 3 BR ~ 2 BA SINGLE STORY but now also has an Added 2nd Level 1 BR ~ 1 BA + Bonus Room, ideal for guests & multigenerational households | 2900 ASqFt | 2 Car Garage | Sunny & Private Back Yard

NEW LISTING | by Scot Campbell & Jennifer Polich www.3692Aquarius.info

16421

“Seabridge Townhouses”

Beautifully Remodeled & Upgraded Two Level Townhouse

2 Bedrooms + Office | 2.5 Baths | 1,752 Asqft | 2 Car Att.

Garage Beautiful Sunset & Canal View from Office/Balcony

Fenced Patio | Boat Docks often available to rent

NEW LISTING | PRICED AT: $1,249,900 www.3262Sparkler.info

Goldenwest Estates “built by S&S”

Fantastic Home for Large or Multi-Generational Family

5 Bedrooms | Bonus Room 2 Full Baths | 1 Half Bath

3,062 Sqft | 3 Car Gar + 3 Car Driveway

Lots of Fruit Trees | Neighborhood Park

NEW LISTING | PRICED AT: $1,550,000 www.16421Whittier.info

For information on homes JUST LISTED by Scot Campbell www.MyCurrentListings.com