Hope May is off to a good start.
Hope May is off to a good start. It's no surpriseÂ to any of us that Inventory continues to shrink. This morning's MLS numbers showed at all of Orange County has 2,078 Actives on the market. Here are some highlights from the Orange County Report-
* Based on the first four months of 2023, it is projected that there will be 18,100 missing sellers.
* Many ask when more sellers will opt to place their homes on the market and finally sell. That will occur when mortgage rates drop to 5.5% or lower.
* Inventory is the lowest level to start May since tracking began in 2004. Typically, the inventory starts rising in January or February at the latest. This year it fell through mid-April, shedding 454 homes since the start of the year, down 19%.
* In the past couple of weeks, the luxury inventory of homes priced above $2 million increased from 637 to 677 homes, up 40 homes, or 6%, its highest level since December 2022. Luxury demand increased by 11 pending sales, up 6%, and now sits at 201, its highest level since August 2022.
Please reach out if you have any questions!