Orange County Housing Report: holiday slow down
- 06 December, 2016
- By Admin: admin
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The Orange County Housing Report, an analysis compiled by Steven Thomas, was released this week and he reports that the typical holiday slow down is upon us, usually lasting through January.
“For most of the country, it is easy to understand why the housing market comes to a complete stop over the holidays. Orange County may not have snow, but any Southern Californian will tell you that it is freezing outside. Anytime the temps drop below 60 degrees, it’s cold. Even with warmer winters, the local housing market slows. Days are short. Most buyers and sellers take a much deserved break.”
Key findings of the report include:
There is less competition in the market for sellers right now, but there is also less demand. The inventory in Orange County will descend to around 4,200 homes, well below this year’s mid-July height of 7,329 homes. For the sellers that remain there is significantly less competition than any other time of the year.
Demand, which is determined by the total number of new pending sales the prior month, is currently lower as well. “Sellers need to price according to the most recent comparable pending and closed sales. Turnkey homes in great condition with plenty of upgrades and are priced right will sell quickly. However, if some TLC is needed, and there are not that many upgrades, a home is liable to sit on the market with very little action,” Thomas wrote.
For more information visit http://www.reportsonhousing.com/docs/Holiday-Market.gif
Steven Thomas, a California Real Estate Broker with over 20 years of real estate experience and a degree in Quantitative Economics and Decision Sciences from the University of California, San Diego, developed Reports On Housing and is considered an expert in real estate housing trends.