Altera Real Estate's Steve Thomas has said recently that Orange County was offering the smallest amount of homes available in the area in 18 months. With only 12,940 homes up for sale, the current listing is 27% lower than it was a year ago, and 16% lower than that of two years earlier. The data as of October 2, 2008 was as follows:
S lice Listings Pending Time (mos.) 2 wks. ago 1 yr. ago
•$0-$500k 6,441 1897 3.40 3.41 13.65
•$500k-$750k 2,509 561 4.47 4.24 15.64
•$750k-$1m 1,421 325 4.37 6.16 15.88
•$1m-$1.5m 1,014 111 9.14 8.94 22.56
•$1.5m-$2m 614 35 17.54 14.14 17.77
•$2m-4m 751 44 17.07 16.06 26.06
•$4m+ 344 6 57.33 34.30 23.91
All O.C. 12,940 2,847 4.55 4.43 15.96
The housing inventory reached its peak in April and fell 17% since that time. In contrast, it increased 37% in the same time period during 2006, and 20% in 2007. The demand for houses, however, is rising and the demand for houses went up 156% from last year, and 43% from two years ago.
The above table shows "market time", which is the time it would take to sell all the listed homes, in theory that is. Under this theory, home owners would take all available houses in 4.55 months versus 4.43 two weeks ago, and 15.96 only a year ago. Homes under a million dollars have a market time of 3.73 months where as 13.89 months for homes over a million. More detailed findings are shown in the above table.
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