I run my statistic from the Multiple Listing Service and I run them periodically to find out what is happening in our area. Here are the results of the run I did today as compared to previous runs.
- Listing for sale total for Orange County California 7,712. One year ago we had 12,749 so we have 40 percent fewer properties on the market now than then. At the markets highest inventory point August of 2007 we had 17,888 listings for sale and we have 60 percent fewer listing.
- Properties in escrow (under contract) 6,798 properties. One year ago we had 4,126 properties in escrow a 165 percent increase. At the lowest number of sales (properties in escrow) was Oct. 2007 with 1,581 we are now at 430 percent better off tha we were then.
By looking at this information we can see that we have more sales now and we have a smaller inventory it is not the seller's market that it was in 2007. It also give us information on why we have so many offers on a property. Our offers are coming in within a few days of the listing coming on the market.
One other piece of information is that the over price of a home is still going down. That may change soon.