OC Register, February 7th, 2011 Reports-

Demand, the number of new pending sales over the prior month, increased by 26% in the past two weeks, adding an additional 564 homes, and now totals 2,718 pending sales. Thus far this year, demand is a mirror image of 2009, prior to any artificial government stimulus. Last year, there were 530 additional pending sales; but, remember that demand was being propped up by the $8,000 first time home buyer tax credit. (written by Steve Thomas)

Thomas calculates a “market time” benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, as of last Thursday, it would take:

  • 3.82 months for buyers to gobble up all homes for sale at the current pace vs. 4.75 months two weeks ago vs. 2.42 months a year ago vs. 4.31 months two years ago.
  • Homes listed for under a million bucks have a market time of 3.47 months vs. 8.72 months for homes listed for more than $1 million.
  • So, basically, it is 2.5 times harder to sell a million-dollar-plus residence!
  • And just so you know, the million-dollar market represents 16% of all homes listed and 7% of all homes that entered into escrow in the past 30 days.
Slice Listings Deals Time (month) 2 week ago 1 yr. ago 2 yr. ago
$0-$250k 1,836 554 3.31 4.10 1.72 3.26
$250k-$500k 4,007 1,238 3.24 4.08 1.63 3.08
$500k-$750k 2,091 559 3.74 4.75 2.60 4.19
$750k-$1m 935 205 4.56 4.87 3.52 6.81
$1m-$1.5m 573 102 5.62 6.28 4.41 11.47
$1.5m-$2m 331 46 7.20 11.97 10.63 20.89
$2m-4m 433 35 12.37 15.36 18.28 45.07
$4m+ 277 2 138.50 67.25 29.70 60.00
All O.C. 10,389 2,718 3.82 4.75 2.42 4.31

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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