The Latest numbers are showing that house hunting season is heating up. Orange County in particular is seeing a huge boom with 2,891 new escrows being opened within in a 30-day period that included most of February. This number is double what it was when the year began, and up 18% from a year ago.
Notably, supply is not increasing with the demand. The number of homes in the county that are currently listed has remained essentially unchanged from a year ago hovering around 5,500. The current average amount of time a home remains on market before closing is about 56 days, which is the 2nd fastest for this time of year since the Great Recession. This time last year the number was around 66 days.
In other words its currently a sellers market. The majority of sales were resale homes sold through the broker system, but new home developers are also reporting a strong rebound in their sales for the month of February. Overall, purchases of new homes in Orange County have doubled in the past two years.
With real estate experts predicting that FHA rates will increase over the year, it may be a sellers market due to supply and demand, but it is still wise to purchase a home now before rates go up.
If you want to work with professional real estate and community experts to find your next home, or if you need someone to expertly list, market, and sell your house, then contact us here at The Wise Team. You can reach us at 714-698-WISE.