December 2024 Real Estate Market Report
December 2024 Real Estate Market Report
We are now in the quieter real estate buying and selling season. Let's take a dive into the real estate data to see how the market is trending.
Months Supply of Inventory is drifting back down and is at a low 1.77. We need to be somewhere between 3 and 6 months to get back to a more equilibrium market. Generally we would see prices continuing to rise with this low of inventory, but with rates staying in the high 6's, it has kept prices a little more stabilized. It is not uncommon for inventory to trend down during the holiday winter months but obviously would like to see this number a lot higher.
12-Month Change in Months of Inventory has increased by 4.7% and has dropped by quite a bit from last month at -19.2%. Inventory can really be different from city to city and neighborhood to neighborhood. I would drill down and look specifically at the inventory in the city and neighborhood you are interested in. 
Median Days Homes are On the Market is staying right at 18 days with no change from the previous month. Homes are still selling relatively quickly if priced at a correct market value. We would need to be closer to 60 to 90 days on the market to be more balanced.
Although sold data shows only 18 days on the market, current listings have been on the market for 51 days and still trending upward. Now having this trend for the past few months shows us a pretty definitive split market. Those homes that are priced according to market trends get sold relatively quickly. Those that over reach will stay on the market. 
List to Sold Price Percentage is 99.73%. We can see that homes are generally selling for their last asking price. Which means the house could have started out listed higher and they had to drop their price to get an offer. You need to look at the historical listing data on the individual home to see the exact story on that. 
Median Sold Price is $1,180,000. That is up 0.4% from last month and down 3.4% from our June peak. The market is getting less volatile. 
Median Estimated Property Value Comparison - Orange County continues to outpace both California and the country in rising property values.
Orange County Fun Facts
Mortgage Rates Info
- For today, Tuesday, December 10, 2024, the current average interest rate for a 30-year fixed mortgage is 6.80%, down 11 basis points from a week ago.
- If you're planning to refinance, today's current average 30-year refinance interest rate is 6.77%, down 6 basis points from a week ago.
- Today's national 15-year fixed refinance interest rate is 6.15%, down 5 basis points since the same time last week.
- For now, the consensus is that mortgage rates will ease down in 2024.
Conclusion
The market seems to be changing weekly based on many moving pieces like mortgage rates, housing inventory, and inflation. We are definitely in the quieter winter home buying and selling season. Homes that are priced competitively will sell within a couple of weeks. Homes that are priced higher than the market will bear will sit on the market longer. To understand what is going on in your neighborhood simply send me a quick message and I will prepare a market report specifically for your needs.
