Summer is winding down, autumn is fast approaching, and the Orange County housing market is following a normal pattern for this time of year. The growth in the active inventory has slowed, but still has not reached a peak for 2010. The number of homes pending sale has increased, but remains 504 less than last year at this time. From here, we can expect that equity sellers (those who have equity in their homes) will begin to remove their homes from the market and wait until the better spring market to resume their efforts. We can also expect a slow decline in demand until after the first couple of weeks of the new year.
Over the last two weeks our active inventory has increased by 236 homes to a total of 11,650 homes for sale. Demand has increased by 30 pending sales to a total of 3,002. Our expected market time increased slightly from 3.84 months of inventory two weeks ago to 3.88 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 182 homes to a total of 3,757. The number of foreclosed homes for sale within the active distressed inventory increased by 6 homes, and now stands at 659 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
It appears that we may be approaching a peak in inventory levels for this year.
During the last two weeks, the inventory increased by 319 homes for sale – the smallest increase in the past three and a half months. Demand, too, appears to be returning to a normal pattern with an increase of 102 pending sales over the last 30 days. Short sales (when a home is sold for less than is owed on it) remain the Achilles heal of the Orange County and national housing market. It will take approximately 6 months to work through the Orange County short sale inventory at the current average sales closure rate of 600 per month. Lenders have not improved their short sale processes, and appear to have little incentive to do so. The current situation allows for the lenders to retain a greater amount of control over the real estate market and pricing. This can be to their benefit when considering the backlog of distressed inventory they are holding.
Our expected market time has decreased slightly from 3.91 months of inventory two weeks ago to 3.84 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 118 homes to a total of 3,575. The number of foreclosed homes for sale within the active distressed inventory increased by 40 homes, and now stands at 653 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
Unrealistic expectations continue to have their effect on our market, with home sellers continuing to test the market by putting their home on the market at a price significantly higher than what was received for the last comparable sale. This practice contributed to an active inventory increase of 3% over the last two weeks, and a total increase in inventory of 48% since the beginning of the year. The most noticeable increase has occurred in the price ranges between $500k and $750k, where inventory has increased by 60%.
Over the last two weeks our active inventory has increased by 355 homes to a total of 10,817 homes for sale. Demand, has decreased by 247 pending sales to a total of 2,860. Our expected market time has increased from 3.37 months of inventory two weeks ago to 3.78 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 90 homes to a total of 3,307. The number of foreclosed homes for sale within the active distressed inventory increased by 19 homes, and now stands at 578 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
Demand dynamics appear to be normalizing for this time of year, although demand remains lower than last year at this time. The ending of the federal tax credit prompted many first time home buyers to purchase sooner than they originally planned. March and April’s surge in demand due to the ending of the housing credit created a void in demand during the following six weeks.
Home sellers continue to test the market by putting their home on the market at a price higher than what was received for the last comparable sale. This practice contributed to an active inventory increase of 3% over the last two weeks, and a total increase in inventory of 43% since the beginning of the year. The most noticeable increase has occurred in the price ranges between $500k and $750k, where inventory has increased by 60%.
Over the last two weeks our active inventory has increased by 345 homes to a total of 10,469 homes for sale. Demand has decreased by 60 pending sales to a total of 3,107. Our expected market time has increased from 3.19 months of inventory two weeks ago to 3.37 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 137 homes to a total of 3,217. The number of foreclosed homes for sale, within the active distressed inventory, increased by 29 homes, and now stands at 559 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
The ending of the federal tax credit prompted many first time home buyers to purchase sooner than they originally planned. March and April’s surge in demand due to the ending of the housing credit appears to have robbed May and June of normal activity. Demand has decreased an additional 4% over the last two weeks. However, the rate of decrease appears to be leveling off.
Home sellers continue to test the market by putting their home on the market at a price higher than what was received for the last comparable sale. This practice contributed to an active inventory increase of 3%.
Over the last two weeks our active inventory has increased by 278 homes to a total of 10,117 homes for sale. Demand has decreased by 136 pending sales to a total of 3,167. Our expected market time has increased from 2.98 months of inventory two weeks ago, to 3.19 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 89 homes to a total of 3,080. The number of foreclosed homes for sale within the active distressed inventory decreased by 3 homes, and now stands at 530 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
Not to cause undue alarm, but we’d like to caution residents of Anaheim Hills and the surrounding communities. Spring & summer are not just a time for people to enjoy nature… nature is out enjoying itself, too – including rattlesnakes.
And while they’ll generally leave you alone, if you come across one and startle it, there could be a serious issue.
The above photo was taken by Anaheim Hills Live staff member Scott Sisson while jogging on Weir Canyon Trail.
And, just to be on the safe side, we’ve added a link to snake bite first aid information on our Anaheim Hills emergency preparedness resources page.
We’re excited to announce the launch of the new & improved Anaheim Hills Live website.
Anaheim Hills Live is a website that my team and I have created as a way to give back to our community. It is our hope that it will become a valuable and useful resource for all of the members of our community, providing you with essential local information, points of interest, and updates on upcoming happenings and events – all available with the click of a mouse.
We currently have pages for sports, home improvement, teens, parents, local coupons, education, community resources, area photos, and more.
And we’ll be adding new pages all the time, so stay tuned!
You can also follow Anaheim Hills Live on Twitter and Facebook to receive updates when new resources are added.
Looking for Orange Park Acres trail maps?
It was recently brought to our attention that, on the Orange Park Acres real estate page of Tony Dove Online, our link to the trail maps was out of date. We have updated it, and here is the new link:
As always, we strive to ensure that our online resources are up-to-date, but we welcome comments and suggestions from our readers.
