The Home Buying Party Continues Here in Orange County!

Happy Home BuyersIf you have been sitting on the fence waiting for the right time to purchase, then you should have jumped off a couple months ago to have purchased at the bottom of the market here in Orange County.  Now everyone is leaping onto the dance floor, and it is getting crowded!

I have once again posted the stats for ALL homes in Orange County, single family homes and condos alike, for all to see. The links are below.

Click here for all active, pending and sold activity for all Orange County homes.

Click here for average price per square foot for all Orange County homes (note the UP trend here).

Click here for stats on average days on market and original sales price vs. actual sold price percentage  (note that homes are selling for closer to original sales price).

Click here for average price for sale and average price sold for all homes in Orange County (both of these are trending UP).

Click here for months of inventory for all Orange County homes.

If you are ready to buy OR sell, now is such a great time to make your move!! call me now!! 949.525.5905

The Home Buying Surge Continues

Happy Home BuyerThe 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.

Why Is the Inventory of Available Homes for Sale in Orange County Dropping?

Orange County HomeThere has been a very dramatic drop of homes available for sale in Orange County. Over the past 12 months, the inventory has been almost cut in HALF. Inventory is STILL dropping, even now in the beginning of March when historically it has already begun to rise. I know two big reasons for this.

First is the fact that buyers have begun gobbling up the inventory for the past several months. Pending sales have been rising steadily, and they have jumped an incredible 91% since February 2011. The increase of pending sales from January 2012 to February 2012 alone was a HUGE 34.4%. Pent-up demand has been a big factor for a few years, and now it is being unleashed. Low prices, low interest rates and an improving local economy have created the perfect storm for buyers to re-enter the real estate market.

Another reason is that sellers have been reluctant to sell. They fear the market is against them and do not want to compete against lower-priced bank-owned homes. Many have been trying to “time” the market. In addition, they have been concerned about the purchase of the replacement home. Can they find the right home? Can they get a loan? Thus, many equity sellers have simply stayed put.

So if you are a seller, now is truly an ideal time to list our home for sale. Buyers would swarm your new listing, and if it is priced right and in good shape, it should sell quickly. Even if you have to do a short sale, the right pricing and marketing will work wonders to get it sold.

If you are a buyer, patience and diligence are key. Also a hard-working realtor can network and hopefully dig up a property for you, make a good offer that gets accepted and sees you through a successful purchase.

 

Pending Home Sales Surge in Orange County

Home Sales SurgeWow. BIG surge in pending homes sales here in Orange County. I have posted the data for both condos and single family homes for activity from January 2011 to end of January 2012. Looks like pent-up demand has been unleashed, and buyers are coming onto the market in droves. But the numbers speak for themselves.

Click here for the chart for active vs. pending vs. sold for all Orange County Single Family Homes.

Click here for the same data but for all Orange County Condos and Townhomes.

Click here for average price per square foot data for all Orange County Single Family Homes.

Click here for the same data but for all Orange County Condos and Townhomes.

Click here for average days on market and original list price vs. actual closed price for all Orange County Single Family Homes.

Click here for the same data but for all Orange County Condos and Townhomes.

Click here for months of inventory for all Orange County Single Family Homes.

Click here for the same data but for Orange County Condos and Townhomes.

Inventory has been drastically reduced over the past couple of years, going a long way to help stabilize prices. Interest rates are extremely low, incentivizing buyers to jump into the market. 

Now is a great time to BUY OR SELL!!! Call me today!! 949.525.5905