Orange County CA home buyers are motivated and not waiting around these days – even though pressured from competition with other buyers and fewer listed properties to choose from.
When an Orange County CA home is listed for sale and priced right, owners will get multiple offers and have lots of control. Real OC home buyers must be qualified and ready to take quick action.
Steven Thomas at ReportsOnHousing.com says that the expected market time at Orange County now is 39 days – that time it would theoretically take to sell all homes now on market at current pace of sale. (Balanced market would be about 5 months).
4,416 Orange County homes are now listed for sale – which is drop of six percent from last month. 10,353 OC homes were listed for sale last year at this time – so today's inventory is less than half what it was same time last year.
Even with limited number of homes listed for sale, buyer demand is 17% up this year – as determined by number of pending sales now vs. same time last year.
Distressed homes at Orange County (short sales and foreclosures) listings and home sale numbers have dropped – but still make up 31% of Orange County home sales – and are flying off the market.
Current home selling market information for some of Orange County's largest cities:
- Irvine CA now has just 338 homes listed for sale – down from last year – average market time of 1.4 months – which is 2.5 times faster than same time last year.
- Costa Mesa has just 70 homes now listed – down from last year – average market time of less than one month, which is almost 4 times faster than last year.
- Huntington Beach has 261 homes now listed – down from last year – with average market time of 1.24 months – which is 2.3 times faster than last year.
- Newport Beach has 310 homes now listed – down from last year – with average market time of 3.26 months, which is 2.5 times faster than last year.
- Santa Ana has 192 homes now listed – down from last year – and average market time of one month, which is 2.67 times faster than last year.
- Anaheim has 182 homes now listed – down from last year – and average market time of less than one month, which is 3.5 times faster than last year.
Source of some information is ReportsOnHousing.com.
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