May 10, 2012 - - - Solid Sellers' Market in Orange County Real Estate.
Demand took a break and actually dropped 4% over the last 2 weeks to 3848 new escrows per month – still very healthy demand! I firmly believe this is only because of lack of inventory, especially in the $250,000 to $500,000 range. Everything in that range is getting “bought up”.
Orange County Inventory dropped another 3% in just the last 2 weeks! We only have 5883 residences for Sale (without an accepted offer)! That is the lowest inventory in 83 months – June 2005! Do you remember Spring and Summer of 2005?
List prices continue to rise as the “under $500,000” category shrinks the fastest!
Breakdown of Listings by Price, May 10:
Less than $500,000 = 2447 - 42% of the total listings, down 1 more percentage point!
$500,000 - $1,000,000 = 1917 - 33%, up another 1 point.
Over $1,000,000 = 1519 - 26%, up another 1 point!
Market Time has finally stopped falling. It was looking like a game of “How low can it go?” According to Steven Thomas, Orange County Market Time is up 1% to 1.53 months – still a solid Sellers’ Market! Every place under $750,000 (that’s not priced 20% over market value) is receiving multiple offers! Many sellers are asking buyers to remove the appraisal contingency from their offers! (Not a practice I recommend to buyers.)
Hurray! Short sale listings continue to disappear!
Orange County Residential Listings by Type:
Standard Sale Listings = 4617 – 78% - up 1 more percentage point!
Short sales = 979 - 17% - down 1 more point!
Bank-owned foreclosures = 287 – 4.9% - down 0.1 point!
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
List For Less! I will Sell Your Home for $10,175* + 2.3%!
Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320.
*Applies to Homes Selling for up to $1,450,000.
_______________________________
 |
| Mark Raymond Godleski |
REALTY ONE GROUP
Laguna Niguel, California
Phones: (949) 330-3320
(714) 943-8499
MRGodleski@GMail.com
DRE License 01482941
|
|
Not enough information here? My OC Real Estate Facebook page is updated several times a month!
"Mark Raymond Godleski - Realtor"
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HISTORICALLY, Orange County Real Estate is an excellent long term Investment besides an envious place to live. There aren't too many places across the country that match up. You are invited to visit this site often to view
Featured Listings for Sale and read
Home Buying and Selling Advice.
List for Less! Save Thousands of Dollars in commissions! Go to: List For Less
______________________________
Is It Too Late to Buy Real Estate in Orange County For Under $500,000?
If You are looking to Buy a place in Orange County for under $500,000, you may be too late. The number of residences listed for less than $500,000 dropped 10% over just the last 2 weeks, 8% over the previous 2 weeks and 8.2% the 2 weeks before that! Could that segment of the Market disappear any faster?
If You have a place for Sale for under $500,000, You are a Hot commodity in Orange County. It is very difficult to predict how long this condition will last.
Breakdown of Listings by Price April 26, 2012:
Less than $500,000 = 2592 - 43% of the total listings, down 2 more percentage points!
$500,000 - $1,000,000 = 1947 - 32%, up another 1 point.
Over $1,000,000 = 1505 - 25%, up another 2 points!
According to Steven Thomas, Orange County Market Time is down another 7% over just the last 2 weeks to an Amazing 1.51 months! We are in a solid Sellers’ Market! If You put your Home on the Market Today, you will receive more than the average of the comparable Sales over the last 6 months (unless your Home’s not in move-in condition).
Orange County Inventory dropped another 5% in just the last 2 weeks! We only have 6044 residences for Sale (without an accepted offer)! Last October it was 10,000!
Demand shot up another 3% over just the last 2 weeks to 3992 new escrows per month!
Short sale listings continue to disappear:
Orange County Residential Listings by Type:
Standard Sale Listings = 4645 – 77% - up 2 more percentage points!
Short sales = 1095 - 18% - down 2 more points!
Bank-owned foreclosures = 304 – 5.0% - down 0.2 point!
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Call me (949) 330-3320 and I will come over and show you exactly how this works.
Agent Service + Aggressive Marketing + Accurate Pricing = SOLD!
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April 13, 2012 - - - Orange County Homes For Sale at the Lowest Level since July 2005!
The number of residences listed for less than $500,000 continues to drop like a stone! The under $500K Inventory dropped 8% over just the last 2 weeks, after dropping 8.2% the previous 2 weeks!
Breakdown of Listings by Price:
Less than $500,000 = 2888 - 45% of the total listings, down 2 more percentage points!
$500,000-$1,000,000 = 1977 - 31%, up 1 point.
Over $1,000,000 = 1489 - 23%, up another 1 point!
Overall Inventory dropped another 4% in just the last 2 weeks! We only have 6354 residences for Sale (without an accepted offer)! That is the lowest Orange County Inventory since July 2005!
Short sales now make up only 20% of all Active Listings in Orange County! In January they were 30% of the Market.
Orange County Residential Listings by Type:
Standard Sale Listings = 4752 – 75% - up 3 more percentage points!
Short sales = 1274 - 20% - down 2 points!
Bank-owned foreclosures = 328 – 5.2% - down 0.7 point!
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
According to Steven Thomas, Orange County Market Time is down another 5% over just the last 2 weeks to an Amazing 1.63 months! This is a Sellers’ Market by any definition! This is the lowest Market Time since July 2005! Remember Orange County Real Estate in 2005?
In those cities and Price ranges where Market Time drops below 1.00, it gets very tough for Buyers to navigate and successfully negotiate. The $250,000 to $500,000 range is red hot right now. In that range we are opening 1814 new escrows per month; and there are only 1892 For Sale!
Overall Demand for Orange County Real Estate is up to 3890 new escrows per month – a 1% increase over the last 2 weeks!
List For Less! I will Sell Your Home for $10,175* + 2.3%! Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320.
*Applies to Homes Selling for up to $1,450,000.
______________________________
March 29, 2012 - - - - Orange County Short Sale Listings Down 11% in Just 2 Weeks!
The percentage of Standard Listings continues straight up! The number of short sales available in Orange County, that don’t already have an accepted offer, dropped 11% over just the last 2 weeks!
Orange County Residential Listings by Type:
Standard Sale Listings = 4785 -
70% - up 2 more percentage points!
Short sales = 1438 -
22% - down 1 point!
Bank-owned foreclosures = 392 –
5.9% - up 0.3% point!
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email
MRGodleski@GMail.com I will make sure You Get It.
Orange County List Prices continue to rise! The number of residences listed for less than $500,000 dropped another 8.2% in
just the last 2 weeks!
Breakdown of Listings by Price:
Less than $500,000 = 3142 -
47% of the total listings, down 2 more percentage points!
$500,000-$1,000,000 = 2006 -
30%, no change.
Over $1,000,000 = 1467 -
22%, up another 1 point!
List For Less! I will Sell Your Home for $10,175* + 2.3%! Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320.
*Applies to Homes Selling for up to $1,450,000.
According to Steven Thomas, Orange County Market Time is down another 8% over just the last 2 weeks to an Amazing 1.72 months! Below $750,000,
many Buyers are writing offer after offer with no success!
Supply – Inventory is falling through the floor, dropping another, unbelievable 5% in just the last 2 weeks! We only have 6615 residences for Sale (without an accepted offer)! That is the
lowest Orange County Inventory in nearly 7 years! There are 38% less Homes, Town Homes and condos for Sale than in March 2011!
Demand for Orange County Real Estate is up to
3840 new escrows per month – a 3% increase over just the last 2 weeks! Based upon the number of Buyers that have been unable to find a Home due to lack of Inventory, Demand would be even stronger if there was more supply.
Looks like I was incorrect. The Bottom of the current Orange County Real Estate cycle will Not be March, 2012. It will probably be February. February's Median Sales Price was $388,500 for Orange County.
I predicted March would come in at $385,000 and be the Bottom. However, intra month figures for March came in at $395,000 and $399,000, showing a strong upward trend. The $399,000 Median Sales Price was for all Orange County Homes Sold between February 16 and March 15 - Good News for Sellers and Home Owners!
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March 15, 2012 - - - -
Are We Heading For a Double-Dip in Orange County Real Estate Prices?
My guess is pretty much Yes, just not quite as deep!
I was wrong. The $392,000 January Orange County Real Estate Median Sales Price was NOT the lowest Price You will see this year! February came in at $388,500! We are getting dangerously close to the Bottom reached in January 2009 - $370,000! I will be watching Very closely; and I believe Orange County will bottom out again, this Month, March 2012, at about $385,000!
I also predict we will have a 12% Price Increase, from that low, by or before April 2013! I base this on the “extraordinary activity” we have been seeing since January 1 and the “remarkable shrinking” Inventory.
Closed Sales Prices have been falling since June 2011, when we reached $445,000. Cheap prices raise Buying activity. Enough Activity eventually raises Prices. And then, inevitably, the high Prices dampen activity. The next phase is Sellers finally getting tired of Not Selling and lowering their Prices. That is the phase we just went through in Orange County. It is kind of like a dog chasing its own tail. The pattern is circular.
Median Price for All residences Sold in Orange County:
Sept -2011 - $425,000
Oct - 2011 - $405,000
Nov - 2011 - $400,000
Dec - 2011 - $400,000
Jan - 2012 - $392,000
Feb – 2012 - $388,500
If You are thinking of Buying a Southern California Home anytime within the next 15 years, NOW’s the Time! You will have to outbid Several other Buyers, but You will still get the best Price of the next 15 years!
According to Steven Thomas, Orange County Market Time is down another 8% over just the last 2 weeks to an Amazing 1.86 months! This is a Big Problem for Buyers.
Orange County List Prices continue to shoot skyward! It is fascinating to watch the List Prices increase while the Median Sales Price continues to drop. This demonstrates 2 things:
- There is not a direct connection between List Prices, (which are asking prices) and Closed Sales Prices. For one thing, a few Listed Properties Never Close. Some folks simply abandon their attempt to Sell.
- And is a great lag time between today’s “Listing Home data” and “Median Sales Price data”, which is based on Closed Sales. The fact is, we won’t see Closed Sales data for today’s Listings until June!
The number of residences listed for less than $500,000 dropped another 6.5% in just the last 2 weeks!
Breakdown of Listings by Price:
Less than $500,000 = 3424 - 49% of the total listings, down 2 more percentage points!
$500,000-$1,000,000 = 2077 - 30%, up another 1 point!
Over $1,000,000 = 1442 - 21%, up another 1 point!
List For Less! I will Sell Your Home for $9880* + 2.35%! Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320. This price ends March 31!
*Applies to Homes Selling for up to $1,400,000.
Demand for Orange County Real Estate is up to 3738 new escrows per month – a 5% increase over just the last 2 weeks - 25% higher than March 2011 – and only 9% below the Demand during 2005!
Supply – Orange County Inventory is the lowest in 6 1/2 years! Inventory has dropped another 3% in just the last 2 weeks! We only have 6943 residences for Sale (without an accepted offer)! There are 36% less Homes, Town Homes and condos for Sale than in March 2011!
The percentage of Standard Listings was up again! We have only 1616 short sales available in Orange County that don’t already have an accepted offer. That is the lowest number since 2007! And there are only 388 bank-owned foreclosures For Sale!
Orange County Residential Listings by Type:
Standard Sale Listings = 4939 - 70% - up 1 more percentage point!
Short sales = 1616 - 23% - down 1 point!
Bank-owned foreclosures = 388 – 5.6% - down another 0.4% point.
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
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March 1, 2012 - - - -
Orange County List Prices increased substantially! The number of residences listed for less than $500,000 dropped 9% in just the last 2 weeks!
Breakdown of Listings by Price:
Less than $500,000 = 3663 - 51% of the total listings, down 2 percentage points!
$500,000-$1,000,000 = 2105 - 29%, up 1 point!
Over $1,000,000 = 1421 - 20%, up 2 points!
List For Less! I will Sell Your Home for $9880* + 2.35%! Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320. This program ends March 31!
*Applies to Homes Selling for up to $1,400,000.
As I predicted 2 weeks ago, some Sellers are receiving multiple offers on their Homes! After writing several offers to no avail, some Buyers are willing to offer a little bit extra for a Home to enhance their chances of becoming the winning bidder. This is a new developing trend.
And here’s why - Supply and Demand - - - -
Supply – Orange County Inventory is the lowest in 6 1/2 years! Inventory has dropped 5% in just the last 2 weeks! We only have 7189 Orange County residences for Sale (without an accepted offer)! There are 33% less Homes, Town Homes and condos for Sale than March 2011! Don’t let anyone tell You about this “massive oversupply” of Homes on the Market. For Southern California, that would be flat lie!
Demand for Orange County Real Estate is now 3553 new escrows per month! That is 28% higher than February 2011! This is the highest Demand since April 2010!
According to Steven Thomas, Orange County Market Time is down another 5% over just the last 2 weeks to an Amazing 2.02 months! 5 months is considered a neutral Market! Over 5 months is a Buyers’ Market. Under 5 months is considered a Sellers’ Market. Obviously we are Way under 5 months…
And it’s not just Orange County, all of our neighbors have Very Low Market Times also:
Los Angeles County – 2.43 months
Riverside County – 2.61
San Bernardino Co. – 2.41
San Diego County – an amazing 1.57 months!
So the Buying Spree has hit all of Southern California!
The percentage of Standard Listings was up again, sharply! Short sales and bank-owned foreclosures were both down, again. 1753 short sales offered is the lowest number in Orange County in 4 1/2 years! 434 bank-owned foreclosures for Sale is also the lowest number since October 2007!
Orange County Residential Listings by type:
Standard Sale Listings = 5002 - 70% - up 3 more percentage points!
Short sales = 1753 - 24% - down 3 points!
Bank-owned foreclosures = 434 – 6.0% - down another 0.4% point.
If you’d like a list of All bank-owned foreclosures For Sale Today, in any city in Central or South Orange County, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
___________________________
Wine of the Week! "337", 2009, the Best $11 Cabernet Sauvignon Available! From Lodi, California.
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February 16, 2012 - - - - You WILL Read About This 8 Weeks From Today! I have it for YOU, now!
Sellers of Orange County Real Estate, fasten your seatbelts! You are about to receive multiple offers on your Homes, if you’re not already! That is unless you’re priced 20% above Market Value. Then You will simply be ignored…
Buyers, You have a problem…
Remember Economics 101 – Supply and Demand?
Here are the numbers:
Demand for Orange County Real Estate is up 61% since January 5 and 14% over the last 2 weeks! We have gone from 2220 new escrows per month to 3569! That is greater Demand than at any time during 2011!
Supply – Inventory is down 6% since January 5 and 3% over just the last 2 weeks! We have dropped from 8114 Orange County residences for Sale (without an accepted offer) to 7597. Now here’s the Big Surprise: Orange County Inventory Never Drops during February! That is unheard of!
When Demand goes way up, and supply goes down, what happens?
According to Steven Thomas, Orange County Real Estate Market Time is down 42% since January 5 and 15% over the last 2 weeks! We have dropped from 3.65 months to 2.13 months! 2.13 months is considered a solid Sellers’ Market! Market Time is calculated by taking the number of residences for Sale in OrangeCounty and dividing it by the number of new escrows opened over the last 30 days.
Median Price for All residences Sold in OrangeCounty:
Aug -2011 - $420,000
Sept -2011 - $425,000
Oct - 2011 - $405,000
Nov - 2011 - $400,000
Dec - 2011 - $400,000
Jan - 2012 - $392,000
The Median Price of $392,000 for OrangeCounty Real Estate is the lowest Median Price You will see this year. If you’re not in escrow right now, you’ve missed it.
The percentage of Standard, Regular Listings was up again! And Short sales and bank-owned foreclosures were both down, again.
Orange County Residential Listings Breakdown:
Standard Sale Listings = 5070 - 67% - up 2 percentage points, up 6 points in 6 weeks!
Short sales = 2038 - 27% - down 1 point!
Bank-owned foreclosures = 489 – 6.4% - down another 0.6% point.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Orange County List Prices increased slightly over the last 2 weeks.
Breakdown of Listings by Price:
Less than $500,000 = 4029 - 53%, down 1 percentage point!
$500,000-$1,000,000 = 2164 - 28%, no change.
Over $1,000,000 = 1404 - 18%, no change.
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320. This program ends March 31!
* Applies to Homes Selling for up to $1,400,000.
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February 02, 2012 - - - - Buyers Are Stampeding to Open Escrow in Orange County Today!
Buyers are Stampeding to the door! Demand for OrangeCounty Real Estate Exploded by 24% over just the last 2 weeks to 3134 new escrows opened during the last 30 days.
According to Steven Thomas, OrangeCountyMarket Time fell 22% over the last 2 weeks to 2.50 months! That is an incredible change over just 2 weeks and is a big plus for Sellers!
A Falling Inventory, at this time of year, is completely unprecedented! Inventory, in OrangeCounty, fell 3%, over the last 2 weeks, to 7823 residences For Sale without an accepted offer. Last year, February 2011, we had 10,389 Homes For Sale! That is a big difference! Inventory has not been this low since February 2010.
The percentage of Standard, Regular Listings was up again! And Short sales and bank-owned foreclosures were both down, again. Always remember, National Real Estate news and trends have almost nothing to due with the local Market.
Orange County Residential Listings Breakdown:
Standard Sale Listings = 5102 - 65% - up 2 percentage points, up 4 points in 4 weeks!
Short sales = 2175 - 28% - down 2 points!
Bank-owned foreclosures = 546 – 7.0% - down 0.6% point.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
As I halfway predicted 2 weeks ago, the increase in OrangeCounty List Prices accelerated over the last 2 weeks. I expect this to continue over the next 4 weeks.
Breakdown of Listings by Price:
Less than $500,000 = 4260 - 54%, down 2 percentage points!
$500,000-$1,000,000 = 2166 - 28%, no change.
Over $1,000,000 = 1397 - 18%, up another 1 point.
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320. This program ends March 31!
* Applies to Homes Selling for up to $1,400,000.
_______________________________
January 29, 2012 - - - - - Interest rates were all over the board! 5/1 ARM rates have jumped 1 full % over the last 16 days! Jumbo 30 fixed is up 1/2%. Conforming 30 yr fixed is down and the FHA 30 yr is down .365% in just the last 9 days!
As of January 29, 2012
30 yr Fixed - - - - - - - - - - -down .24%
Jumbo Conforming 30 yr -down .125%
FHA 30 Fixed - - - - - - - - -down .365%
Jumbo 30 yr fixed - - - - - - - - up .25%
Conforming 15 yr fixed - - down .375%
Conforming 5/1 ARM - - - - - up .5%
Conforming Jumbo 5/1 ARM up .625%
As of January 29, 2012
30 yr Fixed - - - - - - - - - - - - - 3.75
Jumbo Conforming 30 yr - - - 4.0
FHA 30 Fixed - - - - - - - - - - - 3.625
Jumbo 30 Fixed (over $625k) 4.75
Conforming 15 year fixed - - -3.0
Conforming 5/1 ARM - - - - - - - 3.25
Conforming 5/1 ARM ($625K) -3.625
Complements of InterCap Lending.
Informational Only.
APRs' have not been calculated.
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Some of the numbers below are Astounding! There may be a change in the wind…
Mortgage Interest Rates made a big move up over the last 7 days!
As of January 20, 2012
30 yr fixed - - - - - - - - - - - - - up .24%
Jumbo Conforming 30 yr - - -up .25%
FHA 30 Fixed - - - - - - - - - - - up .24%
Jumbo 30 yr fixed - - - - - - - - up .25%
Conforming 15 yr fixed - - - - up .376%
Conforming 5/1 ARM - - - - - up .5%
Conforming Jumbo 5/1 ARM up .5%
Conforming 10/1 ARM - - - - -up .625%
Jumbo 5/1 ARM - - - - - - - -down .125%
As of January 20, 2012
30 Fixed - - - - - - - - - - - - - - - 3.99
Jumbo Conforming 30 yr - - - 4.125
FHA 30 Fixed - - - - - - - - - - - 3.99
Jumbo 30 Fixed (over $625k) 4.5
Conforming 15 year fixed - - -3.375
Conforming 5/1 ARM - - - - - - - 2.875
Conforming 5/1 ARM ($625K) -3.0
Conforming 10/1 ARM - - - - - - 3.625
Jumbo 5/1 ARM (over $625K) -3.125
Complements of MetLife Home Loans.
Informational Only.
APRs' have not been calculated.
The S&P 500 is up 4.5% over the last 20 days! When stocks rise, so do Mortgage Interest Rates.
January 19, 2012 - - - -
For the 1st time in 8 years, OrangeCounty’s Inventory did not rise during January! Inventory remains unchanged at 8080 residences For Sale without an accepted offer. Today’s Inventory is 21% below a year ago today! That is a big difference! Inventory has not been this low since February 2010.
Demand for OrangeCounty Real Estate surged 13% over the last 2 weeks to 2528 new escrows opened during the last 30 days. As I predicted in my last email, New Escrows have picked up sharply. Demand is 17% higher than 1 year ago today!
According to Steven Thomas, OrangeCountyMarket Time fell 12% over just the last 2 weeks to 3.20 months!
Even though the level of Inventory was unchanged, the composition of the Inventory changed dramatically! Short sales and bank-owned foreclosures were both down. And Standard, Regular Listings were up!
Orange County Residential Listings Breakdown:
Standard Sale Listings = 5090 - 63% - up 2 percentage points, a large change for 2 weeks!
Short sales = 2420 - 30% - down 1 point.
Bank-owned foreclosures = 570 – 7.6% - down 0.5% point.
Orange County List Prices rose slightly over the last 2 weeks. This may accelerate over the next 6 weeks as Standard Sellers return to the Market. They tend to list their Homes higher than short sales and bank-owned foreclosures. AND, if Inventory does not keep up with Demand, there will be big upward pressure on Prices.
Breakdown of Listings by Price:
Less than $500,000 = 4491 - 56%, no change.
$500,000 - $1,000,000 = 2226 - 28%, no change.
Over $1,000,000 = 1363 - 17%, up percentage 1 point.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Looks like we've settled on a new floor in OrangeCounty Residential Real Estate Prices, for the moment.
Median Price for All residences Sold in OrangeCounty:
July -2011 - $437,500
Aug -2011 - $420,000
Sept -2011 - $425,000
Oct - 2011 - $405,000
Nov - 2011 - $400,000
Dec - 2011 - $400,000
Each year the lowest Median Sales Price is usually in January. This is because of reduced Demand during the Holidays. Remember, Median Sale Price data relies on Closed Sales. Therefore the information is 8 weeks after the fact! (45 days of escrow + 19 days for DataQuick to report the results.) The most likely outcome is a small rise in Median Sales Price during February, 2012.
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320
* Applies to Homes Selling for up to $1,400,000.
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January 5, 2012 - - - - Buyers – Watch Out!
Demand for OrangeCounty Real Estate fell another 10% over the last 2 weeks to only 2220 new escrows opened during the last 30 days. Demand has dropped 30% since August 19! But notice that Demand is not Zero. It Never Is. Demand goes from Hot to cooler, but Never stops. It is like going from 100 to 70; and 70 is the slow season. You really can Sell a Home in OrangeCounty at Any time of the year.
This is the Bottom of Demand. The 2 weeks ending January 5 should be the lowest Demand for residential Real Estate during 2012. Expect New Escrows to pick up sharply over the next 2 weeks! It happens Every Year at this time. And I expect Demand to climb 60% to 65% between now and April 1. We are starting out 2012 with Demand 12% higher than it was during the 1st week of January, 2011. Some of the reasons, I believe, are because Prices are 5% lower than last year and Mortgage Interest Rates are at Lifetime lows.
When Demand falls, Market Time usually rises. According to Steven Thomas, OrangeCountyMarket Time rose 7% over the last 2 weeks to 3.65 months!
Orange County’s Inventory dropped another 3% to only 8114 residences For Sale without an accepted offer – lower than Any point in 2011! This should be the bottom of the Inventory for awhile, as it is every year during early January. Inventory should start climbing over the next 2 weeks.
Now here’s the problem for Buyers – Demand (new escrows – people buying property) will pick up sharply starting NOW. If Inventory does not rise along with Demand, many more Buyers will be vying for fewer Houses, Town Homes and Condos For Sale! (Buyers per Residences For Sale.) This will result in multiple offers and properties Selling close to their asking Price (within 1.5%).
Be thoughtful when You read and listen to the News. National Real Estate News has almost No Affect on the Local Real Estate Market.
For Sellers, most of the news is good:
- Demand is 12% higher than 1 year ago, today
- Inventory is 19% lower than January 6, 2011! 19% is Big!
Orange County List Prices dropped over the last 2 weeks.
Breakdown of Listings by Price:
Less than $500,000 = 4546 - 56%, up 1 percentage point.
$500,000 - $1,000,000 = 2232 - 28%, up 1 point.
Over $1,000,000 = 1336 - 16%, down 1 point.
Standard, Regular Listings are down; short sales are up!
Orange County Residential Listings Breakdown:
Standard Sale Listings = 4977 - 61% - down 1 percentage point.
Short sales = 2517 - 31% - up 1 point.
Bank-owned foreclosures = 620 – 7.6% - up 0.1% point.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320
*Applies to Homes Selling for up to $1,400,000.
December 22, 2011 - - - - The Reduction of OrangeCounty’s Inventory Accelerates!
The reduction in Inventory accelerated over the last 2 weeks dropping another 528 properties – down 6%! There are only 8377 residences For Sale without an accepted offer in Orange County – the lowest number of Homes for Sale since March 2010! Standard Equity Sellers removed their Homes from the Market and the number of short sales dropped sharply. We will see what happens beginning with the second half of January when Standard Sellers usually come back into the Market.
As expected, Demand fell another 5% over the last 2 weeks to only 2456 new escrows opened during the last 30 days. This is the “Holiday Dip” in Real Estate Demand.
Shockingly, Market Time Fell in late December! As Demand falls during the Holidays, Market time usually rises. According to Steven Thomas, OrangeCountyMarket Time Fell 1% over the last 2 weeks to 3.41 months! Market Time fell because Inventory fell faster than Demand.
Mortgage Interest Rates are Incredible:
As of January 6, 2012
30 Fixed - - - - - - - - - - - - - - - 3.75
Jumbo Conforming 30 yr - - - 3.875
FHA 30 Fixed - - - - - - - - - - - 3.75
Jumbo 30 Fixed (over $625k) 4.5
Conforming 15 year fixed - - -2.99
Conforming 5/1 ARM - - - - - -2.375
Conforming Jumbo 5/1 ARM 2.625
Conforming 10/1 ARM - - - - - 3.25
Jumbo 5/1 ARM (over $625k) 3.25
Complements of MetLife Home Loans.
Informational Only.
The drop in short sales began early! I did not expect it until Jan. 1. And bank-owned foreclosures are up!
Orange County Residential Listings Breakdown:
Standard Sale Listings = 5206 - 62% - no change.
Short sales = 2545 - 30% - down 1 percentage point.
Bank-owned foreclosures = 626 – 7.5% - up 0.5% point.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Orange County List Prices are unchanged over the last 2 weeks.
Breakdown of Listings by Price:
Less than $500,000 = 4637 - 55%, no change.
$500,000 - $1,000,000 = 2292 - 27%, down another 1 percentage point.
Over $1,000,000 = 1448 - 17%, no change.
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! 714-943-8499 or 949-330-3320
* Applies to Homes Selling for up to $1,400,000.
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December 8, 2011 - - - - Demand for OrangeCounty Residential Real Estate Falls Through the Floor!
Demand Fell Through the Floor, falling 11% over just the last 2 weeks! Welcome to the Holidays. Buyers are taking the traditional Holiday break. Only 2589 new escrows opened during the last 30 days! That is the slowest activity since early February. Expect a further drop in Demand over the next 2 weeks.
Market Time Surges 10% in just 2 weeks! According to Steven Thomas, over the last 2 weeks OrangeCounty’s Market Time surged to 3.44 months! This is clear evidence of the Holidays really “taking a bite” out of the Orange CountyReal Estate Market.
Inventory continues to Crash! Inventory dropped another 3%, over just the last 2 weeks, to 8905 residences for Sale in OrangeCounty without an accepted offer. Orange County Homes for Sale is below 9000 for the First Time in 20 months! This is a very good thing for Sellers and Property Owners. Short sales are driving Prices down and a high Inventory would just make it worse. Inventory will start climbing beginning January 1 because those that took a break for the Holidays will get back into the Market.
Short sales rose to 31% of all residential listings in OrangeCounty. This will drop beginning January 1 as Standard Sellers come back from the Holidays.
Listings:
Standard Sale Listings = 5548 - 62% - down 1 percentage point.
Short sales = 2732 - 31% - up 1 point.
Bank-owned foreclosures = 625 – 7.0% - down 0.1% points.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Orange County List Prices dropped over the last 2 weeks mostly because short sale listings increased their percentage of the total for Sale. Short sales are more prevalent in the lowest Price range; And short sales list for less than their Standard, Regular Sale comparables.
Breakdown of Listings by Price:
Less than $500,000 = 4870 - 55%, up 1 percentage point.
$500,000 - $1,000,000 = 2509 - 28%, down 1 point.
Over $1,000,000 = 1526 - 17%, no change.
Median Price for all residences Sold in Orange County
June 2011 - $445,000
July -2011 - $437,500
Aug -2011 - $420,000
Sept -2011 - $425,000
Oct - 2011 - $405,000
Nov -2011 - $400,000
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen!
* Applies to Homes Selling for up to $1,400,000.
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November 23, 2011 - - - - OrangeCounty Median Sales Price Drops to $405,000!
Orange County 's Median Residential Sales Price Falls Through an Important Barrier!
After floating between $410,000 and $455,000 for 28 consecutive months, the OrangeCounty Median Sales Price dropped to $405,000 for October, 2011. This is Great for Buyers and tough for Sellers. I expect some Price increase starting in February, 2012.
Median Price for all residences Sold in Orange County
May 2011 - $425,000
June 2011 - $445,000
July -2011 - $437,500
Aug -2011 - $420,000
Sept -2011 - $425,000
Oct - 2011 - $405,000
We just experience the largest November drop in Inventory in 5 years! Inventory dropped 4%, over just the last 2 weeks, to 9172 residences for Sale in OrangeCounty without an accepted offer!
Less Inventory usually means reduced Market Time. According to Steven Thomas, over the last 2 weeks OrangeCounty’s Market Time dropped 4% to 3.14 months! This low Market Time is a major factor keeping Sales Prices from falling even further.
Demand is unchanged over the last 2 weeks at 2923 new escrows opened during the last 30 days! This is “the rate” of new escrows. Steady Demand is good news for Sellers because Demand can fall “like a stone” at this time of year. OrangeCounty’s Demand is 8% ahead of last November!
The percentage breakdown, by type of listing, was unchanged in OrangeCounty over the last 2 weeks, as all 3 categories dropped about 4% each, in number.
Listings:
Standard Sale Listings = 5759 - 63% - unchanged.
Short sales = 2763 - 30% - unchanged.
Bank-owned foreclosures = 669 – 7.1% - up 0.1% points.
If you’d like a list of All bank-owned foreclosures available Today, in any city in Central or South OrangeCounty, call (949) 330-3320 or email MRGodleski@GMail.com I will make sure You Get It.
Orange County List Prices are unchanged over the last 2 weeks. The number for Sale in the 3 Price categories dropped about 4% each.
Breakdown of Listings by Price:
Less than $500,000 = 4575 - 54%, no change.
$500,000 - $1,000,000 = 2617 - 29%, no change.
Over $1,000,000 = 1580 - 17%, no change.
Remember, List Prices and the Median Sales Price are apples and oranges….
List For Less! I will Sell Your Home for $9880 + 2.4%!* Compare That to the traditional 6% or even the 5% that some agents charge! Call Me and I Will Make It Happen! Go to: Selling Your Home
*Applies to Homes Selling for up to $1,400,000.
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