OC Housing Report

By Buying, Selling March 7, 2022
Spring

Coming Up… Spring

March 7, 2022

Many mistaken the Summer Market as the busiest time of  the year for housing, yet it is the Spring Market that is home to the most real estate activity year in and year out.

The Spring Market

More homes come on the market during the spring than any other time of the year and demand reaches a peak.

Demand is a bit muted compared to 3-year average prior to COVID (2017 to 2019), 2,422 pending sales, an extra 10% or 227 more. This is entirely due to a combination of an extremely anemic inventory, currently at record low levels, and fewer homes coming on the market so far this year. In fact, there have been 1,140 missing FOR-SALE signs during the first couple of months of 2022, 18% fewer than the 3-year average. With fewer available homes to purchase, demand has been muted. Nonetheless, demand readings have exceeded the inventory level since February of last year, indicative of an insanely Hot Seller’s Market. Prior to last year, the inventory has always been considerably higher than demand.

The issue this spring is that there will be a tremendous number of buyers competing against each other and clamoring to purchase every home that hits the market. While demand levels may be less than prior years, the real story is that the scarcity of homes available will result in just about every home that enters the fray obtaining a massive number of showings, multiple offers, sellers calling all the shots, and sales prices typically above their asking prices.

Coming up… SPRING. Orange County’s housing is about to ramp up considerably for the next several months.

About the Author
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Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.