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Snap shot of Orange County Real Estate Market 2-25-08
This report is a snapshot of the market today.  In comparing it to prior snapshots, we can pinpoint trends that won't reach the pages of a newspaper or the teleprompter of a newscast for weeks, if not months, down the road.  The data often confirms the buzz among the agents working in the trenches of the real estate market.  Here's the buzz:  increased open house activity; many buyers climbing in cars who are extremely cognizant of value; plenty of short sales; more realistic sellers on the market; and, homeowners opting to NOT market their homes as they are acutely aware of the current market conditions.  Let's see if the "buzz" correlates with the data.  Demand, the number of homes placed into escrow within the prior month, increased by 49% over the past month from 1,219 to 1,820 escrows.  We have not seen demand at this level in six months, since just before the beginning of the credit crunch in mid-August.  The current active inventory climbed by only 147 homes in the past month to 15,392 homes, only a 1% increase.  With the active inventory virtually unchanged, coupled with a sharp increase in demand, the expected market time has dropped substantially over ... more

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