Just did a check on how the market in my area is doing. I work out of Mission Viejo, CA Population is over 95,000
Total Active on the market
9/23//10- - 296 detached houses. 12/2/10- - 393 detached houses.
Short Sale Active
9/23/10- -95 out of 2296 12/2/10- - 149 out of 393
REO Active
9/23/10-15 out of 296 12/2/10- - 31 out of 393
In Default Active properties
9/23/10- - 9 out of 296 12/2/10- - 4 out of 393
Equity Sellers
9/23/10 -- 177 out of 296 12/2/10 - 201 out of 393
Flip
12/2/10 - 8 out of 393
I had to add a new category Flip. These are properties that were REOs or short sales and now are move in ready. This surprised me that we have 8 available but it means investors see the market as improving!
Since Sept. things have changed more than in the last 5 months. We are showing an increase in distressed properties on the market with 149 out of 393. Equity sellers in Sept. were 177 out of 296 and on Dec. 2 we are at 201 out of 393. Short sales sellers and REOs are taking a larger percentage of the active market. Sept though Feb is the slower buying season and inventory always increases every year at this time.
As we went into the fall the market things changed some. Equity sellers were at 60% of the market in September and we are now only at 51%. Are we seeing the "shadow inventory" starting to come on the market or is the buying season just slowing down? Equity sells will wait if they can,
for the beginning of the new year but distressed sellers have to go on the market no matter what the market is doing.
We are down from a peak of 73.4% equity sellers in April and May! We also had the highest volume sold during the same two months.
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