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Is Orange County’s Record-Setting Housing Market Here to Stay?

February 24, 2021

Commentary The Orange County residential property market is the hottest on record, even surpassing the go-go days of 2006. The expected market time for a property is 26 days—the lowest level since tracking began in 2004, real estate broker Stephen Thomas reported in his most recent Orange County property report. In other words, in comparing the number of homes available for sale (market supply), versus homes recently entering escrow (market demand), demand is outstripping supply. As of Feb. 24, there were 2,863 Orange County homes in escrow, and just 2,438 homes for sale in the region. A property being in escrow or pending sale is an excellent measure for how many buyers have recently agreed to purchase a particular home at a particular price.  Thus, this is a reasonable proxy for market demand. Local real estate agents believe this sort of imbalance is likely for the foreseeable future. They attribute … Read More

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