Orange County Housing Report | No Bargains

Echelberger Group


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Many buyers are looking for a deal or waiting for the housing market to crash before they purchase, but that is not going to happen anytime soon. The insane, instantaneous housing market may be gone, but with an Expected Market Time of 67 days, Orange County is still a Slight Seller’s Market. 

The looming recession has buyers on the edge of their seats fully aware that the housing market has slowed considerably. Homes are taking a lot longer to sell. The number of price reductions has surged higher in the past couple of months. As a result, many buyers sit on the sidelines waiting for prices to plunge. Just because so many people are jumping to the conclusion that home values must plummet does not make it so. This is not 2005 to 2008 all over again.

Many sellers are pricing their homes in line with a sale from earlier this year when there was nothing available and buyers paid way over the asking price. This occurred even while mortgage rates climbed from 3.25% at the start of this year to over 5% in May. Sellers who price their homes according to these frothy comps are finding that they are not able to sell.

It is still a Slight Seller’s Market. That means that sellers still get to call more of the shots, but homes are not selling instantly, and home values are no longer soaring higher. In order to find success, sellers must carefully consider the most recent pending and closed sales and take into consideration the location, condition, upgrades, and amenities. While it may have been a place they called “home” for years, buyers do not have that emotional tie and will instead rely on the Fair Market Value based on comparable properties. With today’s higher interest rate environment, they do not want to overpay.

Buyers must understand that the market is still not lining up in their favor. Yes, Orange County housing has slowed. They no longer have to make an instantaneous decision. Yet, the market is still hot enough that they are not going to get a “deal” or buy a home at a “bargain” price. Values are not dropping. Instead, it is finally a normal market.

Active Listings:
→ The current active inventory is reaching a 2022 peak.
→ Inventory increased in the past couple of weeks by only 28 homes, less than 1%,
→ Demand jumped by 7% in the past couple of weeks.
→ It was the largest two week increase since the start of March.
→ It is still the lowest demand reading for this time of the year since 2007.
Always, if I can offer any assistance or answer any questions, please give me a call or text at 949-463-0400.
To view the complete Report and Charts, join our free Housing Report email list here.


We realize the purchase and sale of real estate property is probably one of the most important transactions that a person can make. We’ve built our business and outstanding reputation by helping our clients navigate through the process efficiently and professionally from start to finish.

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