November 5th, 2017 Market Report
Excerpts from The Orange County Housing Report:
“Within the last couple of weeks, the expected market time dropped from 65 days to 61. Housing is actually getting stronger. It typically does from October through mid-November. The difference this year is that the market was already hot and somebody just turned up the heat.
What is really at play here is that there are plenty of buyers who still want to purchase, yet fewer homes are coming on the market and many homeowners who have been on the market for quite some time are giving up and throwing in the towel in anticipation of the slower holiday season. The active listing inventory drops like a rock and the demand remains steady. With a dropping supply and steady demand, the expected market time dips, and the market gets hotter. This is the hottest the market has been in November since 2012, the beginning of the housing recovery.
Buyers are feeling the pinch too, as the numbers of homes on the market is evaporating before their very eyes. For the sellers that do remain, open houses are still packed, there are plenty of showings, and attractively priced homes in great condition are entertaining offers within hours of installing the FOR SALE sign in their yards. It is frustrating to be a buyer and glorious to be a seller.
In spite of the fact that Thanksgiving is a just a couple of weeks away, November 2017 is going to be a very hot for housing.”