For years, there have not been enough homes on the market, but the trend has only grown worse with COVID and the historically low interest rate environment. Inventory Running on Empty-The inventory is at an all-time low and it is only going to drop from here.
In climbing into the family car to run errands, there are times when the fuel gauge light is on, a reminder that gas is needed as soon as possible. At this point some people decide to wait to and save a few minutes and get the job at hand completed. Watching the “miles remaining” dwindle on the instrumental panel can be unnerving. When it reaches zero, panic sets in and pushing it any further becomes a gamble. Finally, after waiting until there are drops left in the gas tank, the car rolls into a gas station, running on empty.
The active inventory has been running on empty all year long. There are fumes left in Orange County’s housing market tank. The inventory hit an all time low in June at 2,214 available homes to purchase. It then dropped below that record low at the end of September and has been falling ever since. In fact, it has shed 1,071 homes in the past three months, down an astonishing 42%. In just the past two weeks alone, the inventory plunged by 19%, or 336 homes, the largest drop of the year, and now totals 1,457, signaling the start to the Holiday Market when both supply and demand sink to their lowest point by New Year’s Day.
The Bottom Line: The supply of available homes to purchase is at an all-time low. The inventory gauge is pointing to “EMPTY”, and it does not look like there will be much relief anytime soon. The Orange County housing market has only grown stronger over the past few months and has been at an insane level since August of last year. Do not expect anything less than insane for quite some time.
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