Orange County Spring Market Predictions
Living in Southern California, it’s easy to forget what season it is with year-round sunshine. To some, it might seem too early for spring. But the real estate market in Orange County is already in bloom and will remain that way through May. With demand for luxury homes increasing daily, don’t let this season pass you by.
The most recent Orange County Housing Report is encouraging for both buyers and sellers. Sellers are still seeing a strong advantage with low inventory on their side, and buyers are moving fast to secure any new home that lists on the market under $1.5 million. If you are thinking about selling your home this Spring, now’s the time to capitalize on the current market, and here’s why.
The Luxury Market Continues to Grow
Luxury home owners should feel confident heading into Spring, as sales are predicted to increase year-over-year from 2017. An even stronger indication of the rapidly growin luxury market is the rise in listings over the last few weeks. Specifically, luxury home listings have risen 8 percent in the past two weeks alone. Another favorable indication for sellers is the growth in demand for homes priced over $1.25 million. Over the last month, demand for homes above $1.25 million increased from 241 to 336 pending sales, an incredible 39 percent increase. Predictions indicate that the supply and demand for luxury homes will continue to rise throughout the 3rd quarter.
Lastly, for homes priced between $1.25 million and $4 million, the expected market time decreased 16.3% from last year, and is projected to carry on in this direction. As the Spring market gains momentum, the expected market time for almost all home prices throughout Orange County has dropped below 60-days, and is shaping up to create an active real estate market well into July.
Tip for Sellers: pricing very close to the most recent comparable pending and closed sales is fundamental to capitalizing on the current expected market time for your home’s price value. While demand is red-hot, buyers are still weary of overpriced homes that show little return in the long-run.
The Spring Market is Rapidly Heating Up!
As the Spring market heats up, this is an exciting time to own a home in Orange County. If you’re interested in buying or selling, now’s the time. With a rising demand for luxury homes and a daily increase in inventory, it’s important to work with a real estate agent who has an in-depth understanding of the local market to ensure a smooth moving process. With more than 30 years of experience living and working in Orange County, I can help you take advantage of this flourishing Spring market. Call me at 949-500-9714 today to get started.