There’s no denying that 2018 was a roller coaster year for the Southern California real estate market because we started the year as a seller’s market, but the Real Estate market morphed into a buyers-market by the summertime.
The big question is how did the Real Estate market do? Especially in Orange County in particular? In this article, we will break down 2018 sales numbers and provide you insight into how the 2018 real estate market really did in Southern California.
What Happened in The Orange County Real Estate Market During 2018?
Before we start talking about what happened in the Orange County real estate market during 2018, we need to talk about 2017.
In Orange County in 2017, there were approximately 30,582 homes that were sold. In 2018 there were approximately 27,734 homes that were sold in the Orange County real estate market. This is a difference of about 2,800 homes year-over-year, or a 10% reduction in sales.
Why did this happen?
The real estate market went through a big correction in 2018 as the Federal Reserve raised interest rates and even though more inventory came to the market, demand decreased from August-October 2018 and the number of sales drastically dropped in Southern California and Orange County.
What to Expect In 2019
Following the traditional Christmas and New Years slowdown in the Real Estate market due to the holidays, things are picking up in the Southern California real estate market, especially in the Orange County area.
Right now, is an excellent time for you to sell your home because mortgage interest rates still continue to remain low while demand is picking back up.
The economy remains strong both in California and nationwide so we anticipate a strong year for the real estate market in Southern California especially since it’s returned to a traditional market with ample supply and demand.