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…
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