Written by Jon Long on July 24th, 2020
There are a few things to take a look at with respect to Orange County homes for sale and the real estate market in our update today, but we’re paying extra attention to how the leading indicators compare to the lagging indicators. In other words: how many homes for sale in Orange County CA are coming onto the market, how many are already on the market, how many are going into escrow, and how many are selling?
In most cases, the number of new homes for sale in Orange County coming on to the market is rising, and the number of homes currently on the market is higher than it was a year ago. That said, the number of Orange County homes going into escrow and the number of homes that are selling is falling. This naturally leads to a higher real estate inventory in Orange County.
For example, in Yorba Linda, there were 255 homes on the market in May 2018—in May of this year, though, there were 285 homes on the market.
However, there are pockets within our Orange County Real Estate market where things have been going in the opposite direction of these trends. Last year in Brea, there were 102 homes available on the market, whereas in May 2019 there were only 97 homes.
In cities like Brea, the number of homes currently on the market and the number of new homes entering the market is actually going down, as it has been over the last couple of months. But along with all the other cities, the number of homes going into escrow and the number that are selling in Brea is going down in line with the general trends.
“You can still sell your home a great price, and buyers have a lot more options to choose from in addition to being able to take advantage of our rates.”
Why is that?
Well, cities like Brea are a little bit different from those like Fullerton or Belinda, where the spectrum of homes on the market is a lot more condensed. In Brea, the highest-priced listings available right now are around the $2.5-million mark, and there are only a few of them, but in Fullerton, there are many homes above $2 million. In today’s market, the pressure on pricing is a lot heavier on higher-priced listings than they are in Brea, where home values just aren’t that high.
So what does this mean for the homeowners and buyers in today’s market?
Overall, the market is continuing to keep pace with how it has been over the last year or so. Interest rates are going down, and they’re expected to get even lower in the coming months. The Orange County Register recently put out a report that stated because of our low interest rates, our real estate market is booming.
Now that we’ve entered the summer market, consumer activity is up. You can still sell your home at a great price, and buyers have a lot more options to choose from in addition to being able to take advantage of our rates.
If you have any questions about the market or about buying or selling real estate, please feel free to reach out to me. I’d love to help you achieve your goals.