Regardless of the vantage point, housing is lining up favorably for both buyers and sellers as the market flexes its strength in starting the fourth quarter of 2020.
A Powerful Market–With a low supply and extremely strong demand, the Expected Market Time is at its lowest level to start October since tracking began in 2004.
Lighthouses are built to withstand the unrelenting pounding of the ocean’s surge. They stand tall, strong, and resilient as they warn boats of perilously rocky coasts, stretching their bright beacons across the sea regardless of the weather. Their power and strength persevere as they continue to serve their purpose through the years.
The lighthouse is a perfect metaphor for something that is powerful, strong, and resilient. It is a great metaphor for the current Orange County housing market. It too is extremely strong and is at a powerful level that will endure for quite some time. The momentum and force of housing will push through the current pandemic and economic turbulence.
At the root of housing’s strength is simple supply and demand. The active listing inventory is currently at 4,153 homes, its lowest level for a start to October since tracking began in 2004. Only 2012 came close with 4,400 homes. All other years had at least an additional 1,200 homes. In fact, there were 6,616 homes to start October in 2019, an extra 2,463 or 59% more.