The latest reading on the Orange County housing market from Steve Thomas at Altera Real Estate, with data as of last Thursday ...
- After rising much of the year ... demand, measured as new pending sales in the past month, dropped by 23 in two weeks to 3,629. Demand is +623 vs. year ago.
- Inventory of homes for sale dropped by 125 homes in two weeks to 9,188 - lowest supply level since February 2006 and down 5,652 in a year.
- Expected market time - how long it would take to sell current inventory at the recent sales pace - dropped a smidge in two weeks to 2.53 months vs. 4.94 a year ago. Market time was last this low in September 2005.
- Thomas says: "Typically at this time of year demand reaches a plateau and begins to drop a bit in July before increasing one last time for the year in August."
And look at how price matters, in terms of Thomas market time ...
- For under a half-million, it theoretically will take 1.58 months to sell off all inventories.
- Half-mil to $1 million? 2.75 months.
- If it's a 7-figure listing, it's 13.08 months.
|
As of 6/25 |
Supply |
Deals |
Time (mos.) |
2 wks. ago |
1 yr. ago |
|
•0-$250k |
1,488 |
758 |
1.96 |
2.07 |
4.08 |
|
•$250-500k |
2,274 |
1,619 |
1.40 |
1.40 |
4.08 |
|
•$500-750k |
1,669 |
750 |
2.23 |
2.20 |
4.07 |
|
•$750k-$1m |
1,093 |
256 |
4.27 |
3.80 |
6.23 |
|
•$1-1.5m |
1,012 |
115 |
8.80 |
8.53 |
9.23 |
|
•$1.5-2m |
581 |
50 |
11.62 |
12.36 |
13.25 |
|
•$2m-4m |
769 |
39 |
19.72 |
29.38 |
20.02 |
|
•$4mil+ |
398 |
7 |
56.86 |
39.10 |
26.38 |
|
All O.C. |
9,188 |
3,629 |
2.53 |
2.55 |
4.94 |
"To strive, to seek, to find, and not to yield!" Alfred Lord Tennyson, (1809-1892), English poet....
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