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Orange County Real Estate: Market Time Report
Published 9/18/08.
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Demand is Up
Demand has deviated from the normal autumn cycle and is up for the start of the season. Typically, demand, the number of new pending sales within the prior 30 days, starts a slow decline at the beginning of the autumn market, but not this time. Demand has been marching to the beat of its own drum and did not follow the normal real estate cycles during the first half of this year, by growing unabated. Then, in June, demand started to track the normal cycle, falling in July slightly and then increasing throughout August. If demand was to follow a normal autumn cycle, it would have dropped slightly. However, demand increased by 127 homes in the prior two weeks and now totals 2,974 pending sales. Not only is demand far surpassing the prior two years, but it is swiftly approaching 2005 numbers. Demand is 152% stronger than last year and 34% stronger than two years ago. Last year at this time there were only 1,180 pending sales, 1,794 fewer than today. Two years ago there were 2,208 pending sales, 766 fewer than today. In 2005 there were 3,058 pending sales. This is 84 additional pending sales compared to today, representing a difference of just 1.7%. This change in the demand cycle was totally unexpected. It remains to be seen just how long this unconventional pattern will continue; nonetheless, it is a very good sign for the Orange County real estate market as a whole.
Continue reading the Orange County Market Time Report...
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Orange County Real Estate: Market Charts
Published 1/23/08
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The Orange County Market Charts include the following 14 charts:
Active Listing Inventory, Pending Sales, Total Pending Sales Count, Closed Sales, Market Time Months of Inventory, Homes Pulled Off the Market, Listings Inventory vs. Pending Sales, Listings/Pending/Sales Over Time, Active Listing Inventory Year Over Year, Pending Sales Year Over Year, Closed Sales Year Over Year, Market Time Year Over Year, Off Market Year OVer Year, and Market Time by Price Range.
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Orange County Real Estate: Inman News
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Orange County Real Estate: Facts, Statistics & Official Resources
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Orange County Real Estate: Calculators
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The Basics:
