It would appear that the end of the Federal first time home buyers tax credit does not spell the end of demand in the Orange County housing market. Nor does it appear that increasing demand is decreasing the inventory, at least in the upper price ranges, or of overpriced homes.
During the last two weeks our inventory has increased by 231 homes to a total of 9,351 homes for sale. Demand has increased by 231 pending sales to a total of 3,979. Our expected market time has decreased from 2.45 months of inventory two weeks ago, to 2.35 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 9 homes to a total of 2.790. The number of foreclosed homes for sale, within the active distressed inventory increased by 38 homes, and now stands at 454 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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