We are officially heading into Fall. And, with Fall, we typically see a shift in focus. Now come the pumpkin spice lattes, return to schools, Fall Festivals, and so many other things that kick-off the last part of the year.
This change in season bleeds over into the Orange County, CA real estate market and we’re already seeing signs that this year will be more in line with pre-covid behaviors. Housing will transition to the slower time of the year. Inventory, demand, and closed sales are expected to drop.
There are currently 185 properties available for purchase in Irvine, down from 236 which is a 22% drop from last month! 261 went pending and days on market are sitting at 21 days. Keep in mind, it was 60 days last year and 135 days from two years ago!
Does this decrease in supply and demand change anything? The short answer is no, not really. We still don’t have enough homes available for purchase when compared to the volume of folks looking to buy. Properly pricing your home for sale will be critical for making sure those in the market during this time consider your home. And, for those looking to buy, you just need to stay the course, remain patient, and be ready to pounce when the home you’re looking for becomes available. There are also programs such as the Trade-in+ program that are now available to help bridge the gap between selling your home and buying another.