Reasons for this listings inventory shortage are complicated – buyer demand during 2012 at Orange County has been up 20% as compared with last year.
13 percent fewer homes came in the market so far this year 2012 – which is now at lowest new listing rate since 2000.
Many homeowners at Orange County – as high as 25 percent of those with mortgages – are now underwater and unable to sell their homes. Even with good jobs and ability to make house payments, some people are stuck in their homes after values dropped about 35% since peak during June 2007.
Even though values at Orange County are up a bit this year, it will take time for underwater owners to recover equity.
Number of distressed homes (short sales and REOs) listed for sale has dropped 75 percent this year – now at 15 percent of active inventory and 37 percent of buyer demand.
Current breakdown of Orange County CA inventory of homes for sale – per broker Steven Thomas at ReportsOnHousing.com – as of August 2, 2012:
- 5,238 Orange County homes listed – August 2, 2012
- 3,540 pending sales during last 30 days
- Average market time it would take to sell all homes at this rate is 1.48 months.
- Average Orange County market time two years ago was 3.65 months.
The Orange County CA listings inventory number will probably remain down until more owners can recover value and and be motivated to sell – and buy a replacement home.
Graphic and some information is from ReportsOnHousing.com.
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