The Autumn Market is officially here and with it typically comes a drop in the supply of available homes to purchase, falling demand, and the overall speed of the market remains the same. Expect less activity with fewer homes coming on the market and fewer buyers looking to find a home. The kids have made their way back to their classrooms ready to resume another year of academic learning. Pumpkin Spice Lattes have returned to Starbucks®, and this year they added a new twist on the season, Apple Crisp Macchiatos. Leaves are starting to fall from high branches and blanket well-manicured yards. Autumn has arrived. It may not officially start until Wednesday, September 22nd, but all the signs are here. These changes also indicate the start to the Autumn Market in Orange County. It begins around the end of August when the kids head back to their classrooms and ends a week before Thanksgiving, the start of the Holiday Market. It is no longer the “prime time” season for real estate. The Spring and Summer Markets are in the rearview mirror. Housing will now shift gears and transition to a slower time of the year. Despite how hot the market has been, this year will be no different. The inventory, demand, and closed sales will all fall, and the Expected Market Time (the time between hammering in the FOR-SALE sign to opening escrow) will not change much at all. Nevertheless, this will be the hottest Autumn Market since tracking began in 2004.
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