Historically, Orange County has between 5,000-9,000 homes active on the market at any given time. The last 12 months Sellers have chosen to opt out while they strategize their next move. Active homes on the market are at the lowest point in decades and maybe the lowest point ever when considering active listings as a percentage of total housing inventory. Restated, there are half as many Active listings on the market than normal with more than double the demand.
What does increasing demand and decreasing supply result in? Higher prices and lower days on market. Compare this to 2008 when most homes were taking 4 months to sell; today it is 15 days or less.