November Market Snapshot
OC HOUSING MARKET TODAY
The active listing inventory in the last few weeks of November plunged by 295 homes, down 8%, and now sits at 3,286 on November 28th, its lowest level since the start of June. In October, 35% fewer homes came on the market compared to the 3-year average prior to COVID (2017 to 2019), 1,042 less. Last year, there were 1,457 homes on the market, 1,829 fewer homes, or 56% less. The 3-year average prior to COVID (2017 to 2019) was 5,359, or 63% more.
Demand, the number of pending sales over the prior month, increased by 10 pending sales in the past two weeks, up 1%, and now totals 1,212 on November 28th, its first rise since the last two weeks of August. Last year, there were 2,221 pending sales, 83% more than today. The 3-year average prior to COVID (2017 to 2019) was 1,969, or 62% more.
With supply plunging and demand rising, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 89 to 81 days in the past few weeks of November, its lowest level since mid-October. It was 20 days last year, much stronger than today.
Let’s dive deeper into what’s happening in these OC communities and cities.
Coto de Caza
Dana Point
Huntington Beach
Ladera Ranch
Laguna Beach
Laguna Niguel
Las Flores
Mission Viejo
Newport Beach
Newport Coast
Rancho Mission Viejo
Rancho Santa Margarita
San Clemente
San Juan Capistrano
Market Snapshot November 2022
This video shows month-over-month changes for several OC cities and communities.
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(If you don’t see your city or area and want a market update, let me know and I’ll send you a custom analysis.)
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Sources:
1. Altos Reports -
https://altosresearch.com/market_reports
2. CRMLS -
https://go.crmls.org
3. OC Reports on Housing -
https://reportsonhousing.com
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