Well, the Orange County Register has released their latest report of the market here in the Beach Areas and, as usual, our area seems to be a bit of a microcosm of the whole United States real estate market.
The Dove Canyon area has seen a much improved market time as compared to last year. Average time on the market for homes in Dove Canyon before they sell is 2.1 months as compared to 6 months last year. There are other areas, such as Portola Hills and Westminster that have seen similar improvement over the year.
The toughest area by far at this point is Newport Coast, which has seen an opposite trend the past 12 months. Market time for homes to sell has basically gone from 6 months in 2010 to about a year in 2011. Again, right here in our back yards we have both extremes of the real estate market.
As a whole, Orange County has improved with countywide market time at 3.5 months as opposed to 4.3 months a year ago. Not a huge improvement, but still a move in the right direction. Keep in mind, though that averages are exactly that...averages. Within the OC are many, many individual markets so it is important to keep up with your local market conditions if you are buying or selling in Orange County.
Here is a link to the full article in the Orange County Register with trends charted for each area: Read the OC Register article. Admittedly, these things can look like just a big mash of numbers, so if you have any questions about what to make of all of this, call or email me:)
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