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INDUSTRY KNOWLEDGE: Takeaways from the BIAOC 2024 Economic Outlook

As leading experts in national real estate marketing, P11 stays up to date with the latest market trends and predictions. Recently, we had the opportunity to attend the BIAOC 2024 Economic Outlook on January 29, 2024, where John Burns, CEO of John Burns Research & Consulting, delivered a keynote speech and shared a wealth of valuable research and information. Even if you missed the event, we’ve got you covered! We’ve highlighted some relevant points for the year ahead.


Forecast a slight pickup in Orange County home sales for 2024 – 23,300 resales and 2,700 new sales (an 8% increase).
The good news: a soft landing into 2024 with most forecasters now cautiously optimistic including Goldman Sachs, Mortgage Bankers Association, Zillow, Fannie Mae and Freddie Mac to name a few.

Only 1.1% of existing homeowners are selling their homes today – resulting in historically low resale inventory.
The good news: 29% of all homes for sale are new-construction homes, near an all-time high — home builders successfully filled the void drawing buyers to the new home market.

We need 17.1 million new homes between 2020-2030.
The good news: The demand is high to provide more housing, and home building innovators in the OC are poised with relatively attainable solutions, including high-density detached, three-story designs, and a creative mix of townhomes and flats.

At P11, we understand navigating the ever-changing real estate market can be challenging for builder/developers and their new home communities alike. That’s why we offer expert guidance and strategic marketing solutions to help you stay ahead of the curve. Now’s the time to take on 2024 with the confidence of results-driven marketing that only P11 can bring! Contact us today for a proposal.

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