Market Update 7.1.2020
July 1! The beginning of a long holiday weekend for many but one that will look very different from 4th of July celebrations in the past. Since the holiday looks different, the market might as well too. With 5% fewer homes on the market and demand up 18% in just the last two weeks, we have hit a hot sellers market with an average market time of 48 days. Last summer the market time was 89 days for comparison.
This makes my focus very acute. My listings need to have the most immersive marketing available so that interested, qualified buyers can preview and act quickly, virtually and safely so sellers know that they are getting the most qualified offer to open escrow with. For my buyers, a pre-approval letter is mandatory for previewing since the approval process could mean the difference between competing for a home and totally missing out because of timing.
Click for the latest Orange County Housing Report as you have come to expect in my newsletters and I encourage you to read it for all the latest stats I mentioned above as we are in a hot seller's market. You will notice that in the last two weeks there has been an increase in demand for the luxury market (over $1.25MM) with days on market dropping from 322 in April to 111 today!
An abundance of caution is still taken for buyers and sellers and if you would like the most up to date info please check out the California Association of Realtor's microsite provided on best practices.
If you know of a homeowner that is interested in selling or a buyer that wants to buy, thank you for sharing my info with them. Enjoy the holiday weekend, stay well and keep in touch!