The Home Buying Surge Continues

The home buying surge continues in Orange County. I have once again posted the data, but have lumped ALL property types together, i.e. all single family homes, condos, townhomes, etc. Data reflects activity for the past 12 months. Pretty dramatic.

Here is the graph for all active, sold and pending homes activity: Market Activity.

Here is the graph for Average Price per Square Foot: Price.

Here is the graph for Average Days on Market and Percentage of Sold Price vs. Original List Price: Days on Market.

Here is the graph for Months of Inventory based on closed sales: Inventory.

The decrease in inventory is very dramatic, but even more dramatic is the huge increase in pending home sales. Buyers are hanging in there and waiting for short sales to close, thereby increasing the days on market. They are also gobbling up the inventory, and if the trend continues, we may soon have a seller’s market. It remains a neutral market for now, but by end of summer, we could see even more multiple offers on homes for sale than we do now. By the end of the year, we could see pressure on home prices, especially those listed under $500,000.