Recently I have been posting graphs showing the surge of pending home sales here in OC, and The Orange County Register has just published the same findings in this article:

The latest Orange County home inventory report from local broker Steve Thomas – formerly of Altera Real Estate – as of February 3 says …

“Demand, the number of new pending sales over the prior month, increased by 26% in the past two weeks, adding an additional 564 homes, and now totals 2,718 pending sales. Thus far this year, demand is a mirror image of 2009, prior to any artificial government stimulus. Last year, there were 530 additional pending sales; but, remember that demand was being propped up by the $8,000 first time home buyer tax credit.”

Thomas calculates a “market time” benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, as of last Thursday, it would take:

  • 3.82 months for buyers to gobble up all homes for sale at the current pace vs. 4.75 months two weeks ago vs. 2.42 months a year ago vs. 4.31 months two years ago.
  • Homes listed for under a million bucks have a market time of 3.47 months vs. 8.72 months for homes listed for more than $1 million.
  • So, basically, it is 2.5 times harder to sell a million-dollar-plus residence!
  • And just so you know, the million-dollar market represents 16% of all homes listed and 7% of all homes that entered into escrow in the past 30 days.

Posted by Jackie Gibbins

I live and work in Mission Viejo as a Real Estate Agent. Born in Santa Monica, CA and grew up in Westminster and Huntington Beach. Middle child of five and mother to two awesome sons, now grown. An artist, nature lover, observer, geek and people person, I love the area, love what I do and enjoy sharing any info and insights so others can find their dream as well.

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