Despite turmoil, demand for OC homes rising…

Despite turmoil, demand for OC homes rising…

OC Register, 8/25

Local house shoppers have stepped up summertime activity despite a volatile economic scene. The latest Orange County home inventory report from local broker Steve Thomas — data as of August 18 — estimates that the local market’s speed quickened 5.1% in the past two weeks. He writes:

Demand, the number of new pending sales over the prior month, has increased by 300 pending sales over the last month and now totals 3,194. Last year at this time, the wind got knocked out of the sails of demand with the end of the first time home buyer tax credit. It slowed so much; it appeared that many buyers opted to push up their purchase prior to the deadline, which left the second half of 2010 with deflated demand. There are 192 more pending sales today compared to one year ago, 6% better.

• 3.46 months for buyers to gobble up all homes for sale at the current pace vs. 3.65 months two weeks ago vs. 3.88 months a year ago vs. 2.43 months two years ago.
• Of the 8 pricing slices Thomas tracks, 6 had faster market time vs. 2 weeks ago; and 5 improved over a year ago.
• Homes listed for under a million bucks have a market time of 3.01 months vs. 10.63 months for homes listed for more than $1 million.
• So, basically, it is 3.5 times harder to sell a million-dollar-plus residence!
• And just so you know, the million-dollar market represents 19% of all homes listed and 6% of all homes that entered into escrow in the past 30 days.

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

More Posts - Website

Follow Me: