Orange County Experiences Lowest Home Inventory In A Decade

Posted by Steve Hakola on Tuesday, December 11th, 2012 at 9:54am.

When we say the inventory on the OC market has reached a record low, we aren't kidding. In the past decade, all years have had at least a 16% higher number of homes on the market. Take a look at the following chart to see exactly what that means:

Year Homes On Market Jan - Nov Percent Higher Than 2012 Additional Homes vs. 2012 Average Additional # Of Homes
2012 35,586 --- --- ---
2011 41,106 16% 5,520 460
2010 44,889 26% 9,303 775
2009 41,200 16% 5,634 470
2008 48,656 37% 13,070 1,089
2007 56,291 58% 20,705 1,725
2006 60,768 71% 25,182 2,099
2005 54,559 53% 18,973 1,581
2004 61,194 72% 25,608 2,134
2003 51,350 44% 15,764 1,314
2002 54,601 53% 19,015 1,585

The holiday season normally marks a slowing down in offers, but that hasn't been the case for many of the homes on today's market. Multiple offers and overpriced bids have become the norm, as buyers who need a new property have become almost desperate.

Our advice? Don't buy! Unless you have a reason to buy an Orange County home within the next month or so, we recommend putting your search on hiatus until the second week of January. Enjoy the holidays instead and focus your energy elsewhere.

This market has been completely unpredictable so we can't say for certain, but new homes traditionally start coming on the market again during mid-January. With the holidays over, people then have the time, energy and motivation to sell their home.

If you're considering selling your OC home, or you want to buy in the next few weeks, let us know. We would be happy to assist you during this tumultuous market and help you achieve your goals.

Interested in receiving regular market updates? Let us know and we'll send you our newsletter!

 

Leave a Comment