South Orange County Real Estate
OC Real Estate
South Orange County homes for sale
Orange County Housing Report: The Inventory continues to decline as demand remains strong setting up a potential rally in 2013
December 15, 2012
Orange County Real Estate active listing inventory reaches a new low!
Active Listing Inventory: Active inventory is now under 3,500 homes in Orange County
At 3,482 the activity inventory of Orange County homes for sale continues an 18-month decrease in active inventory. The latest drop is the smallest since August so this could mark the bottom of the lack of volume especially if the post holiday months begin the typical increase in volume as life returns to normal.
South Orange County Homes for sale under $750,000 continue to move quickly and prices continue to trend upwards. If you have a South Orange County home to sell now is a great time to put your home on the market, with so little competition you are sure to get interest. If you are looking to buy a home you need to act quickly on the limited inventory. To make sure you see everything as soon as it hits the market sign up for our email alerts and get everything that meets your criteria in your email.
What is keeping the active inventory so low? Obviously the holiday season reduces the number of homes on the market every year. Also while consumer confidence is on the rise it clearly isn’t high enough for homeowners to feel comfortable enough with the general economy and their stake in it to sell their home and move up to a new one opting instead for a wait and see approach. Hopefully the New Year brings more confidence to sellers and more homes to the market so this beginning recovery can have the depth needed to be a full fledged recovery.
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Demand: the normally slower holiday season brings floods to open houses and many multiple offer situations
You would think the lack of supply would choke off the demand but not even close. Even with the holiday season in full swing open houses are still crowded and many buyers are taking part in multiple offer situations. The reality of the situation is stark: there were less than half the number of homes on the market in 2012 as there was in 2005 and more than 16% less than there was just in 2011. The chart bellows shows exactly what we are experiencing.
In South Orange County homes for sale we have seen the countywide trend even more intensely, as multiple offers are becoming more and more the norm and homes are going under contract before buyers can get in to see them.
Distressed Market: the Distressed Market continues to fall.
Distressed homes (foreclosures and short sales) now make up less than 12% of the total available inventory a number that has steadily dropped, this time last year is was almost 40% of active inventory. The distressed inventory has not been this low since May 2007. Again, there is no shadow inventory waiting to make its way onto the market. There are many homeowners someplace in the system working towards a short sale, modification, or foreclosures, but the numbers are going to remain relatively similar for the next several years.
In South Orange County real estate the countywide pattern above has held true. The distressed market seems to be about as stable as a distressed market can be and even becoming somewhat orderly. The number of homeowners seeking a short sale or going through a foreclosure is decreasing on a consistent basis a good sign for those looking to do a traditional sale.
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