February was a difficult month for real estate. February is usually better than January, this year it was not. In fact, DataQuick reported Orange County home sales fell when compared to January and to a year ago.
Oops there is a problem. I really thought that the market was moving well and we were coming out of the problems. The kind of early year down turn is rare. It is a worrisome trend if it goes forward into our real estate season.
February was not good for builders across the state either. The Commerce Department statistics show construction falling 22 percent in one month January to February. It is the second slowest going back 50 years. Building permits fell 8.1 percent.
What does that mean to all of us. Buyers you have the upper hand in the market. Few are buying and inventory is up. Seller's you should adjust your price down to grab a seller. Real Estate agents we must know what is going on to advise our clients on the condition of the market.