November in Orange County brings more than just cooler temperatures and holiday preparations; it also heralds a unique phase in our real estate market. As we embrace the festive season, here's what's unfolding in the backdrop of our vibrant housing landscape:
Inventory Insights: A late peak has brought our inventory to the highest level since January, yet it's the second-lowest November start since 2004. This paradox is a direct reflection of the shifting tides in our current economy, with mortgage rates impacting market dynamics.
Demand Dynamics: Buyer activity has taken a gentle step back, but not dramatically so. Despite this, the Expected Market Time remains much more expedient than the pre-pandemic era, a silver lining for sellers and buyers alike.
Luxury Lens: The luxury segment shows a deceleration, with increased Expected Market Time signaling a market that demands patience and precision.
The Bottom Line: As festive lights go up, some real estate ambitions simmer down, yet the market remains a landscape of opportunity for the astute observer.