Unlike the last few years, housing is quite a bit cooler this December.
A Cold December: With an Expected Market Time of 127 days for all of Orange County, this is the coolest December since 2010.
Brrrr!!! For Southern Californians, when temps drop down to the 40’s at night, it is freezing!! The tap water is cold. Initially, the car is cold for the morning commute. A simple sweatshirt will not do. It feels as if winter has already arrived. That is precisely how the Orange County housing market feels this year.
Notoriously, December is the slowest month of the year in terms of new pending sales. Yet, for years, there simply have not been enough homes on the market. Since 2012, it was still a slight seller’s market in December despite holiday distractions. Demand drops to its lowest point of the year by the end of the month, but so does the active inventory. The muted demand is offset by a drop in supply.
Last year at this time, the Expected Market Time for all of Orange County was at 65 days, a slight seller’s market. Today, it is at 127 days, nearly double, and a slight buyer’s market.