Podcast - 069: Orange County real estate market update | Recap through March 2022

Orange County home prices just increased for the sixth straight month.

The median sales price increased by $35,000 from February to March to a record price of $1,025,000. Over the past 12 months, that’s an increase of $175,000 and 21% higher.

The number of active listings increased slightly to 2,766 listings. In the timeframe between 2017 and 2020, we had anywhere between 5,800 to 8,000 active listings in March.

Inventory months supply increased to just 1.1 months. Remember 5-6 months is a balanced market, and 6+ is a buyers market.

Median days on the market decreased to 6 days, the fastest on record.

Overall, the Orange County real estate market is as competitive as it gets for buyers. However, as interest rates increase, it’ll be interesting to see if buyer demand waivers or if home appreciation starts to slow down finally.

*percentages are comparisons year-over-year 

For more details and charts, click:https://theluevanosgroup.com/market-trends