The Orange County housing market continues to improve as pending sales increase and inventory decreases. Pending sales are over 3300 today, an increase of 675 from a year ago. The active inventory has dropped to under 9000 for the first time since Feb. 2006. This number is nearly 50% less than the peak inventory numbers in 2007.
To give a sense of how "hot" the market is, the expected market time for single family homes in Orange County priced from $250,000 to $500,000 is only 1.5 months! Distressed sales- bank foreclosures and short sales, make up nearly 75% of the sales in the $500,000 and under price point. Though, the amount of distressed inventory active on the market has continued to decrease as buyer demand is outweighing supply.
We have seen an uptick in the amount of foreclosures coming on the market, is this the foreclosure wave everyone is talking about? Even with this uptick, we are still seeing multiple offers (sometimes over 20!) on the "bargains" making it difficult to purchase a bank foreclosure. We have had success getting both foreclosure and short sale offers through. Please contact us for additional information and experienced representation. Don't forget the 8k tax credit is scheduled to end November 31st of this year!
The Aaronson Group is committed to offering the highest standards of professional service for all your Orange County Real Estate needs. If you would like more information in regards to buying or selling a home, please contact us.