I see some interesting statistics for the single family home data this month. The data is for all resale residential single family homes (not condos) in all of Orange County through June 2011. The number of homes active and for sale has DROPPED by 11.9% from may 2011 to June 2011 and has dropped by almost 26% from June 2010 to June 2011. Inventory is DOWN.We currently have less than five months of home supply on the market. This reflects a NEUTRAL market (neither a buyer nor a seller market).
The number of pending home sales has INCREASED by 13.5% from May 2011 to June 2011 and has increased by 34.8% from the same month one year ago. Pending homes sales are WAY UP.
While the number of homes SOLD has been steadily increasing since January, we saw a slight dip of 2.8% in closed escrows from May 2011 to June 2011. The year over year number also reflects a decreased in actual closed escrows by 13.3%. If these pending sales finally close, we should see an increase in year over year closed escrows as well as month over month.
The average sold price per square foot has remained pretty steady for last 12 months, averaging around $310 per square foot.