With OC home sales generating $10 Billion less revenue in the past 12 months compared to the same period in 2005-2006 that definitely sums up that our Orange County real estate market has really slowed. According to the SoCal MLS, the dollar volume of homes sales from March 2007 - February 2008 totaled $14.4 billion. This is down $6 billion from the same period in 2006-2007 and down $10 billion from the $24.8 billion in total dollars sales for Orange County in 2005-2006.
The monthly dollar volume figure was down for February as well, SoCal MLS reported. Home sales generated $701 million last month, compared with $1.3 billion in February 2006 and February 2007 and nearly $1.5 billion in February 2005. SoCal MLS figures show that's a 53 percent decline from February 2005 which was almost the peak of the Orange County real estate market.
According to the SoCal MLS, February home sales report states that there was 1,100 homes listed in the local multiple listing service - 381 attached and 719 detached - that sold last month, which is down 38 percent from the year before. Closed sales figures provided by SoCal MLS have been fairly steady since October, with about 1,100 homes selling per month, except in January when sales dipped to 931 homes.
I have seen a rebound in home sales and buyer activity since February and expect March to be good month (better then the last 7 months) but not as good as the home sales compared to March of 2007.
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.
Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.
Comments(1)