A 2023 Forecast
Jennifer Timm
Real Estate Planner | Owner of The Welcome Home Global Group with Keller Williams OC Coastal Realty
The year started off with an active inventory of 954 homes, the lowest level to start a year since tracking began in 2004. The average start prior to the pandemic was 4,500 homes, so there was nearly nothing available in January.
Yet, with a rapidly rising mortgage rate environment, demand slowed substantially as the year progressed. After starting 2022 at 3.25%, rates eventually surpassed 5% in May and eclipsed 6% in June.
As a result, the inventory rapidly grew from mid-April until it peaked at the beginning of August at 4,069 homes, a rise of 327% from January 1st. The 3-year average peak prior to COVID (2017 to 2019) was 6,959 homes, 71% higher than this year. From August through year’s end, the number of available homes decreased to 2,642, very similar to 2020 levels and 41% below the 3-year average end to December of 4,479.
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DANA POINT:
January 7 - Dana Point Farmers Market
January 7 - So Petty With Sean Amat
January 7 - Bargain Box Drive-Thru Donation Drive
January 8 - Beach Cleanup + Lunch & Lear
LAGUNA BEACH:
January 4 - Hershey Felder: Chopin In Paris
January 5 - Jam Band Allstars
January 7 - Keep It Wild – Native Plant Nursery
January 8-9 - foaSOUTH Off-Site Exhibit: People & Places
SAN JUAN CAPISTRANO:
January 4 - Jazz is Dead
January 6 - Farmakis Certified Farmers Market
January 6 - Dog Teeth Cleaning at Pets Plus
January 7 - New Volunteer Orientation
SAN CLEMENTE:
January 7 - Drive-Thru Donation Drive
January 7 - South OC Cars & Coffee
January 8 - D. Yoder Family Sundays
January 8 - Vision Circle Half-Day Retreat