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In Orange County, new listings decreased 34 percent for Single Family homes and 33 percent for Townhouse/Condo homes year-to-year. Closed sales of Single Family homes have decreased 34 percent. Days on the Market increased 130 percent from 20 days to 46 days. The median sales price decreased 1.9 percent while the average sales price increased .05 percent. The inventory of homes for sale have increased 18 percent and the months supply of inventory increased 77 percent to 1.6 months of inventory.
As sales slow, the time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January.
Take away
These are the January numbers and sellers are still giving concessions. However, we are seeing multiple offers showing up more and more because of low inventory and competition from buyers. Currently, there are more buyers than inventory. For example: Fullerton, 3bd/2bth, 1200 SQFT, $750,000, which has been on the market for five days has 14 offers.
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