Is It Time To Enter The Real Estate Market?
Orange County homeowners in recent weeks have put their properties up for sale at the fastest pace since last July.
ReportsOnHousing.com reports local listings in the broker networks grew to 4,841 on Jan. 28. Thats up 265 homes a 6 percent jump the largest increase in six months.
Still, house hunters should be warned: Supply was 5,331 homes a year ago, or 490 more residences to choose from!
Shoppers are reacting quickly. Demand, measured by the number of new pending sales over the prior month, hit 1,936 on Jan. 28 up 343 homes or 22 percent in two weeks, largest increase since February 2015.
But a late January rush isnt new: Last year in the same period, demand jumped by 454 pending sales to 2,053 6 percent above last Thursdays level.
The current inventory is extremely anemic and there are buyers waiting for new product to hit the market, says Steve Thomas of ReportsOnHousing.com.
Thomas calculates the speed of the market with his market time metric that tallies how long it would theoretically take to sell the entire inventory at todays pace of pending sales. By this math, homes are taking 75 days to sell as of last Thursday vs. 78 days a year ago.
Source = Jon Lansner Orange County Register