OC Housing Report

HOUSING INSANITY

When will it end?

The active listing inventory shed 178 homes in the past couple of weeks, down 9%, and now sits at 1,864 homes, the lowest level since tracking began in 2004. That’s a huge drop and has
plunged the inventory to uncharted territories with a record low number of homes to start November. Last year at this time it reached a record low level for a start to November at 3,944 homes, 111% more than today, more than double, or an extra 2,080 homes available to purchase. There are only a few more weeks until housing transitions to the Holiday Market, from the week prior to Thanksgiving through the first couple of weeks of the New Year. Fewer homes will enter the fray and many unsuccessful sellers will throw in the towel. It is hard to believe, but 43% of the inventory has been on the market for over 30-days, the most likely sellers to pull their homes off the market during the holidays and wait until next year to try again. Expect the inventory to continue to drop in the next couple of weeks before plunging to its lowest levels of the year upon celebrating ringing in 2022.

The 3-year average from 2017 to 2019 (intentionally omitting 2020 due to COVID skewing the data) is 6,010, an extra 4,146 homes, or 222% more, triple compared to today. There were a lot more choices back then. The inventory typically drops 5% at this time of the year, not quite as high at the 9% drop realized in the past couple of weeks.

 

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 43 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and son Matt, 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 23 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, as well as sponsors Paper Shredding and E-Waste Recycling events twice a year.

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.