Housing Inventory is Scarce | February 2022 Orange County Housing Market Update
What do houses and cars have in common? It seems impossible to find either one right now.
Here are some shocking housing market stats I read the other day:
- In Orange County, there are roughly 59% fewer homes on the market today than at the same time last year.
- If you look at the three-year average from 2017 to 2019, there are 77% fewer homes on the market in all of Orange County.
Currently, in San Clemente, there are 48 active listings and an additional 61 homes in escrow.
On top of extremely scarce inventory, interest rates are on the rise and buyers are starting to feel the difference in affordability. These rising rates will impact the overall rate of appreciation. Buyers won’t be able to continue to push property values up as they have been over the past two years. At that point, I think we will start to see a more balanced appreciation curve.
If you have any questions about the housing market or buying and selling in Orange County, schedule a call with me through this link, https://calendly.com/ryanschramm.