The charts below reflect market activity over the past 15 months for condos in Orange County with at least two bedrooms priced to $349,000. You can see that inventory has shrunk and demand has rapidly increased in that time period. See the amount on pending homes for sale currently; it is about 75% of homes on the market! At this rate, we have about enough inventory to last just over two months. It should be noted that most of these homes are short sales, and the average time on the market is dramatically increased. An REO or a standard sale in this price range rarely lasts more than a couple of weeks.
Note that the homes are selling for very close to asking price. This indicates a seller’s market in this price range. Need more information or would you like to see customized reports for your own neighborhood? Call me at 949.525.5905 or email me at firstname.lastname@example.org.