Orange County Housing Report

Luxury Surge

A record number of luxury homes closed in Orange County in August.

After a hiatus due to the Coronavirus, professional baseball, basketball, and hockey returned to empty stadiums and arenas.  For sports enthusiasts, it was a welcome distraction to COVID-19 and the daily news.  Hockey is in the midst of the Stanley Cup playoffs and down to the conference finals.  The high intensity play is reminiscent of the Winter Olympics where hockey players around the world compete for the gold.  One of the greatest moments in hockey history occurred during the 1980 games, the “Miracle on Ice,” when the United States defeated Russia by scoring two goals in the final period.  Despite Russia being heavy favorites, stacked with experienced, professional players, and winning five of the previous six Olympics, they lost to the United States whose roster was filled with amateurs and was the youngest of the twelve competing teams.  The game was memorable and completely unexpected.

Life is full of unexpected events.  Just like the “Miracle on Ice,” this year’s housing market has surpassed just about everybody’s expectations.  Demand has been off the  charts, the highest in years.  The active listing  inventory has remained at unbelievably low levels for this time of year.  Multiple offers are the norm.  Home values are on the rise.  Homes are quite literally flying off the shelves.  Luxury housing has also beat everybody’s expectation and has been surging at a record pace.

OC Housing Market

This excerpt taken from an article written by Steven Thomas
Quantitative Economics and Decision Sciences, B.A.

Excerpt taken from a report by Steven Thomas

Quantitative Economics and Decision Sciences, B.A.

 

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.