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Orange County Housing Market Update

It appears as if the bottom of the financial crunch hit a couple of weeks ago. Demand, the number of escrows placed into escrow within the prior month, increased from 1,113 homes two weeks ago to 1,175 homes today, that’s an increase of 62 homes, or a 5.6% increase. The current active inventory did not change at all over the past two weeks and remains at 17,759 homes. With an increase in demand and the inventory not changing, market time decreased from 15.96 months two weeks ago to 15.11 months today. Last year at this time there were an additional 836 escrows within the prior month, the active inventory was at 15,263, or 2,496 fewer homes, and market time was at 7.59 months. Two years ago, there were 9,493 fewer homes on the market, 1,606 more escrows within the prior month, and the market time was at 2.97 months. The increased demand must have come from the detached home market, because the condominium market was virtually unchanged over the past two weeks, dropping from 15.08 months to 15.04 months. On the other hand, detached homes dropped from 16.56 months two weeks ago to 15.15 months today, a significant change that can most likely be attributed to buyers slowly reentering the jumbo loan market (loans above $417,000). 28.7% of the overall active inventory is vacant; 32.7% of the condominium market and 26.2% of the detached market.

The OC Coastal Group

Homes of Distinction Garry Loss

Principal / REALTOR

888-OCC-Views http://www.theoccoastalgroup.com

Posted by Garry Loss on 10/25/2007 08:56 PM

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active, demand, housing, inventory, market conditions, orange county, real estate, sold, supply

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