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…
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