Orange County CA Housing Market
Jan 2009 - July 2009
Many people wonder about the current conditions of Real Estate Market in Orange County CA. Here is the synopsis of last seven months Real Estate Activity. On the average, there has been a rise in the price particularly in median to lower price range home where there is a bigger pool of first time buyers and investors. Even though average number of days on the market is still high but its real number s obscured by short sales that stay on the market due to the lengthy approval of this process. Most of the right priced REO properties or standard sales are selling within days, over the list price with multiple offers and, causing problems with the appraisals. Pricing is controlled by the appraisals at this point, which is good for a healthy recovery to avoiding a false increase in the values.
The biggest skepticism about the following rosy pictures is that how long would it stay like this, with all the shadow inventory of already foreclosed homes, that been held off the market since beginning of moratoriums and ongoing defaults and the job losses.
Month | New | Avg LP | Under Contract | Avg LP | Sold | Avg SP | %SP/LP | %SP/OLP | Avg DOM |
| | | | | | | | | |
Jul-09 | 9,319 | $549,844 | 4,096 | $456,841 | 6,364 | $443,456 | 98.26% | 92.10% | 79 |
Jun-09 | 9,105 | $609,447 | 4,385 | $440,333 | 6,081 | $437,722 | 97.86% | 90.66% | 79 |
May-09 | 8,836 | $646,921 | 4,133 | $394,064 | 5,853 | $422,417 | 96.86% | 89.50% | 79 |
Apr-09 | 8,890 | $586,367 | 4,363 | $462,898 | 5,445 | $396,834 | 96.27% | 87.83% | 77 |
Mar-09 | 9,797 | $595,456 | 4,245 | $369,541 | 5,271 | $397,003 | 95.93% | 88.01% | 77 |
Feb-09 | 8,854 | $558,251 | 3,464 | $382,709 | 4,093 | $391,877 | 96.70% | 88.70% | 74 |
Jan-09 | 10,051 | $578,832 | 3,364 | $432,568 | 4,140 | $414,342 | 96.67% | 89.27% | 77 |
Orange County CA Housing Market Jan 2009-July 2009
By Namneet Dhaliwal –REO specialist Orange County CA
Source: SoCal MLS August 19, 2009