OC Housing Report: A 2023 Forecast

HAPPY NEW YEAR!!!  Now, what does that mean for Orange County real estate? First, let us look back at what happened in 2022 in terms of inventory, demand, luxury properties, and the Expected Market Time.

 

Active Inventory

After starting the year with a record low number of available homes to purchase, the inventory soared higher but is still far below pre-pandemic levels.

 

Demand

After two years of heightened demand due to historically low mortgage rates, demand did an about face and fell to its lowest levels since the Great Recession.

 

Luxury End

The luxury home market was at a record pace but fell short by 11% through November as luxury slowed substantially to wrap up the year.

 

Expected Market Time

The amount of time it took to sell a home continued to grow longer as the year progressed.

 

The 2023 Forecast

A subdued year for housing.

 

See below for a Snap Shot of the current OC Housing Report: A 2023 Forecast

(Due to Posting Restrictions, To View the Full Report Email Us at Info@PlatinumEdgeProp.com   or Call 949.770.9888 for a FREE Copy of the Report)

 

If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!

 

Don’t forget – you can click https://bit.ly/freeinstanthomeevaluation to find a quick estimate of your home’s current value. Call us at 949.770.9888 if you would like to discuss the current housing market, receive a detailed home value analysis or answers to any real estate questions you may have! We are here to help!

 

 

 The Wright Team…For All Your Real Estate Needs!!

 

 

 

 

 

 

 

 

 

 

(Information provided by Steven Thomas, Local Economist)

 

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