OC Housing Report

By Buying, Selling June 25, 2024

Open Houses are Back!

Housing is much different this year compared to last year, with more FOR-SALE signs, more OPEN HOUSE directional arrows, and longer market times.  Since reaching a low of 37 days at the end of March, the Orange County Expected Market Time has swelled to 57 days.

Many times, there is a big difference between expectations and reality. Sellers are now coming on the market expecting a boatload of activity, throngs of buyers touring their homes, and instantaneous success after sifting through multiple offers. Yet, the market has evolved. A telltale sign that the market has changed is the growing number of OPEN HOUSE directional arrows that adorn busy intersections. It is now common to see the same OPEN HOUSE for multiple weekends in a row. The hot, high-paced, instant housing market has transformed into something completely different, throttling back and slowing from week to week.

The Orange County housing market was insanely hot just a few months ago. The Expected Market Time (the number of days it takes to sell all listings at the current buying pace) grew from 37 days in March to 57 days today, the highest level for this time of year since 2019. An incredible 28% of all active listings have reduced their asking price at least once. 48% of available homes have been on the market for 30 days or more, and 25% have been exposed to the market for at least 60 days. 

 

 

 

 

 

 

 

 

 

 

Excerpt taken from an article by Steven Thomas.

About the Author
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.