While comparing the supply (the active inventory) and demand (the number of pending sales over the prior month) smart analysts can determine the EXPECTED MARKET TIME – or how long it would take to sell the current supply of homes actively listed on the market with current level of demand.
When the expected market time is below three months, it’s sellers’ market. In March 2013, the expected market time dropped to 1.1 months and Orange County housing strongly favored the seller – when there were only 3,183 homes for sale and demand was at 2,880 pending sales.
Cash was king during that time, and most homes got multiple offers and were selling in less a month.
Orange County CA home selling and EXPECTED MARKET TIME is now balanced at about 4 months. This will continue to be balanced through the end of the year – and will not shift towards a buyers’ market – since some listings are being pulled off the market by sellers.
Sellers at Orange County CA need to make sure they are pricing their homes correctly from the start, so they can get real buyer attention during this balanced market.
By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.
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