OC Housing Report

A 2024 Forecast

HAPPY NEW YEAR!!!  Now, what does that mean for Orange County real estate?

First, let us look back at what happened in 2023 in terms  of inventory, demand, luxury properties, and the Expected Market Time.  The inventory remained extremely low all year and did not eclipse January levels.

The year started with an active inventory of 2,431 homes, the second lowest level to start a year since tracking began in 2004, only behind 2022’s 954 anemic start. The average start before the pandemic was 4,500 homes, a revealing 85% higher. A lack of available homes to purchase has been the mantra for the housing market since the pandemic hit nearly four years ago. After reaching 2,536 homes in mid-January, the inventory did not rise until the end of April after dropping to 2,053, down 19%. 

It appeared that Orange County was going to hit its peak at the beginning of August at 2,475 homes; but, with rates stubbornly remaining above 7% since July and even eclipsing 8% in October, the peak was not reached until the start of November at 2,496 homes, growing by 21% since April. The 3-year average peak before COVID (2017 to 2019) was 6,959 homes, 179% higher than this year. From November through year’s end, the number of available homes decreased to 1,862, an unprecedented low level only surpassed by the end of 2021’s 1,072 level. The end to 2023 was 58% below the 3-year average end to December of 4,479. 












Excerpt taken from an article by Steven Thomas.

About the Author

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.