ORANGE COUNTY - OVERALL

Supply is low. There are currently 9,184 homes on the market in Orange County. This is the lowest we've seen since early 2006. Two years ago, inventory was nearly 17,000 and cobwebs were forming on for sale signs across the county. The reduction of inventory is the result of an incredible increase in demand - both first time home buyers and investors.

Demand is high. There are currently 6,449 properties in escrow or awaiting short sale approval. This number represents the total of pending and back up status listings. In addition, 2,611 homes sold in the last 30 days. In total, we have nearly as many homes sold or in escrow in the last 30 days as homes on the market. While actual inventory supply time is 3.5 months based on closed sales, we have just over a month's supply of inventory when you combine sold, back up and pending sales.

It's a SELLER's market. This means we are in a pronounced seller's market in Orange County. As a buyer, you can expect to pay listing price or above and be competing against 10 - 20 other buyers for each property that is priced correctly.

ORANGE COUNTY - FORECLOSURES  

Bank owned foreclosures. If you are a buyer or investor hoping to pick up foreclosures for pennies on the dollar, the time has passed. Today, you need to place your offer quickly and strongly to even have a shot. Check out the market snapshot for bank owned foreclosures:

Supply - 402 homes (compared with almost 5,000 in mid-2008)

Demand - 218 in back up status, 807 pending, 677 closed in the last 30 days = 1,702 properties are pending or closed in the last 30 days.

In other words, REAL demand for bank owned foreclosures are 4X the level of current supply.

ORANGE COUNTY - $750,000

Due to the concentration of investors and first time home buyers in mainly the sub-$500K market, the market over $750,000 is dramatically different.

Supply - 3,841 properties

Demand - 490 in back up, 287 pending, 408 closed in the last 30 days = 611 properties are pending or closed in the last 30 days

We have a 9.4 month supply of inventory based on closed sales and 4.9 month supply based on pending and back up sales for properties over $750,000. These price ranges are still in a buyer's market, and the numbers shift more toward a buyer's market over $1M.

For specific information on the cities and price range you are most interested in, please give us a call and we'll create a custom market snapshot for you.

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

www.OCBankDeals.com

Direct: 714 276-7006