OC Housing Report

Hot November Housing

 

Housing has been dealing with an unrelenting heat wave of its own since last year. After coming out of the COVID lockdown protocols, the inventory dropped, demand soared, and housing reached record breaking temperatures from July through the end of 2020. It never cooled. In fact, the 37-day Expected Market Time reached in December (the time between hammering in the FOR-SALE sign to opening escrow) was the hottest level of the year for Orange County. In 2021, temperatures climbed to levels never seen before, housing grew hotter, and the market time dove to 21 days on April 1st, the hottest reading since tracking began in 2004. Today’s 23-day Expected Market Time is the lowest for mid-November by far, and not much different than April. The heat wave is intense and will continue through the end of 2021, setting up a remarkably hot start to 2022, much hotter than this year’s start.

The Expected Market Time is the speed of the market, the lower the number, the faster homes are being placed into escrow. Anything below 60-days is considered a Hot Seller’s Market where there are plenty of showings, multiple offers, sellers call the shots, and home values are on the rise. A new level emerged to adequately describe this year’s heat wave, more intense than the record temperatures reached last year. Anything below 40-days is considered an Insane Seller’s Market. That is a market with a flood of showings, an overwhelming number of multiple offers, sellers get just about everything their hearts desire in calling the shots, and home values soar. Yes, despite all the news about flattening median sales prices (not an accurate gauge of home values anyways) and buyers less willing to enter bidding wars, home values are still on the rise today, in the middle of November just days before the start to the Holiday Market.

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.