Orange County Housing Report

A 2021 Forecast

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

The year started with an active inventory of 3,692 homes, only the third time it dropped below the 4,000-home threshold to start a year since 2004. Typically, the inventory continuously climbs until peaking between July and August, but not this year. After adding only 1,352 homes, it peaked at the end of May at 5,044 homes, its lowest peak since reporting began in 2004. The average peak since 2004 is 7,241.

COVID-19 suppressed the inventory in Orange County. Many homeowners simply did not want to place their homes on the market amid a pandemic. From March through June, there were 4,655 fewer home placed on the market compared to the five-year average, 29% less. The Coronavirus lost its grip on preventing homes from coming on the market from July through November. In those five months, there were 1,694 additional homes that came on the market compared to the five-year average, an extra 11%. Nonetheless, from January through November, there were still 3,150 overall missing FOR-SALE signs, 8% fewer than the five-year average.

Excerpt taken from an article by Steven Thomas.

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 40 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele, 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 20 years.