Here’s a quick look at how PCG finished the year: More than $135 million in sales; 85 transactions (sold 1.5 homes every week); 20 record breaking sales
Newport Beach, CA, January 15, 2021 –(PR.com)– The active listing inventory decreased by 42 homes in the past two-weeks, down 2%, and now totals 2,633, its lowest level to start a year since tracking began in 2004. COVID-19 is not suppressing the inventory despite the surge in cases. In December, there were 24% more homes that came on the market compared to the prior 5-year average. Last year, there were 3,901 homes on the market, 1,268 additional homes, or 48% more.
– Demand, the number of pending sales over the prior month, decreased by 300 pending sales in the past two weeks, down 14%, and now totals 1,895, its strongest start to a year since 2013. COVID-19 has no effect on demand. Record low rates are fueling today’s exceptional demand. Last year, there were 1,434 pending sales, 24% fewer than today.
– The Expected Market Time for all of Orange County increased from 37 days to 42, a Hot Seller’s Market (less than 60 days). It is the strongest reading to start a year since tracking began in 2004. It was at 82 days last year, much slower than today.