THE LATEST market trends in OC.

Here’s what we saw in the May 2024 Orange County real estate market:
In the past few weeks, the active listing inventory in Orange County increased by 150 homes, now totaling 2,620, a 6% rise. April saw 32% fewer homes hitting the market compared to pre-COVID averages, with 1,272 fewer listings. Demand decreased by 109 pending sales, totaling 1,650, a 6% drop. Expected Market Time increased to 48 days due to rising supply and falling demand, compared to 39 days last year. Homes below $750,000 now have an Expected Market Time of 39 days, while those between $750,000 and $1 million increased to 36 days. Homes above $2 million saw the largest rise in Expected Market Time, now at 76 days. The luxury market (above $2 million) represents 37% of inventory but only 16% of demand. Closed residential resales in April totaled 1,968, up 16% from last year.

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