Orange County CA - February Market Summary

By Lesslie Giacobbi

Real Estate Agent with Seven Gables Real Estate

March 15, 2013 03:44 AM

Comparing February year over year, pended sales are down 7.8% over a year ago, while homes available for buyers are down 55.4%
Closings were down 23.6% over a year ago
The effect of fewer listings and more pended sales is clearly illustrated in the Months of Inventory/Closed Sales (2.2 months) and Months of Inventory/Pended Sales (1.1 months)
Compared to a year ago, the average price per square foot was up 14.9%
The sold/list differential percentage was actually better than a year ago. The 2% figure represents how buyers and seller are negotiating with each other, tells us how buyers and sellers should strategize to list their property and how to strategize writing an offer to obtain the best results.
Overall, supply has decreased dramatically and pended sales have increased significantly. The trajectory, if the current trend continues, is that we can expect the local markets to continue to appreciate. Overall, in February there were 4,015 fewer homes available and 240 fewer homes sold in February 2013 as compared to February 2012.
Overall in Orange County, an incredible 87% of the supply of the homes available in February 2013 sold; compared to 42% in 2012. During the month of February 2013, there were 3,235 homes available and 2,822 homes sold.