The April Market

With Spring in full swing, it’s time to put the cleaning supplies down and put your shades on. The weather is warming up, and what better way to enjoy Orange County than with some much needed R&R! And the weather isn’t the only thing warming up throughout sunny Southern California. As we approach the peak season, the market is blooming with opportunity for both buyers and sellers.

Good News for Homes Priced Between $750,000 and $1 Million

For homes priced below $750,000 the market is HOT! With an expected market time of just 36 days, this price range represents 34% of the active inventory and 55% of demand. Similarly, for homes priced between $750,000 and $1 million, the expected market time is 45 days, a HOT seller’s market. This range represents 18% of the active inventory and 23% of demand.

Inventory is Increasing

An active market is a healthy market! In the past two weeks, the active inventory sector had its largest increase since 2013. Specifically, active listing inventory has drastically spiked, adding 436 properties to the market, signaling a 9% increase in active inventory. There’s a shift in the market, and it has great benefits for both buyers and sellers.

This increase is exactly what buyers have been waiting for. More inventory equals more options, and the market is continually growing with foot traffic at open houses showing a steady number of attendees. Sellers on the other hand are taking advantage of the added interest in homes as they’re seeing lower expected market times on homes priced at fair market value.

And don’t count the luxury market out just yet. Both luxury inventory and demand have increased in the last couple of weeks. Specifically, demand for homes above $1.25 million increased by 5% with 18 pending sales, while inventory increased by 6% from 1,859 homes to 1,974 homes.