The total amount of homes for sale in Orange County has dropped by 8% in just the past 2 weeks alone! There are currently about 5300 homes for sale in Orange County. I expect the total home inventory to continue to decrease to below 5000 homes by the start of the New Year and continue to decrease through the first quarter to March 2016. It’s been a few years since we’ve seen an inventory this low in Orange County while demand remains quite high.
This time last year there were about 600 more homes available for sale in Orange County with an average closure time of 90 days. Today we sit at 75 days average sale time creating a slight sellers market.
While the inventory has tightened this past few weeks so has the demand. The demand for homes in Orange County has decreased about 12% in the past 2 weeks as people take time to cook their turkeys and shop for Christmas gifts.
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