Archive for August, 2004
Orange County Real Estate Inventory Report
To Schedule a showing for this property, please Click HerePosted: August 30th, 2004
Bart Smith’s
Real Estate Update
Everyone is asking….“What’s happening in the real estate market?” Well, here’s what’s happening. We have seen a rapid increase in housing inventory over the past two months. This has coincided with fears of interest rate increases and articles in the media predicting falling prices. During that time, sales have remained relatively strong, but with many more homes to choose from, the perception is that the market has slowed down.
Everyone is also asking….“Will home prices fall?”…If the inventory build-up continues, they certainly will. However, we are starting to see signs that the rash of new listings may be slowing to a level that could be more compatible with the number of sales. The next 90 days will tell us a lot. As we reach a seasonal slow down, market forces of supply and demand will be tested. So, stay tuned……
How do I price property in this market?….you may ask. If you are in a market where inventory has built up significantly, you need to be priced below the latest sales. Our marketing expertise can help you understand your market and provide you with a strategy to successfully compete. Don’t hesitate to call me to discuss your needs.
The Big Picture….Are we headed for a sustained fall in housing prices? Our market here in Orange County is driven by demand. We are still enjoying job creation and net in-migration (more people coming into the County than leaving), so the demand is still strong. In my opinion, only a sustained increase in interest rates will really dampen the demand for homes and condominiums. Otherwise, prices should not suffer a significant drop. So, watch the interest rates and stay tuned….By the way, interest rates actually went down recently on 30 year mortgages; a very good sign for housing prices.
The enclosed chart shows the supply of housing. By city. If you wish to see specifics, call and we will do a specific analysis for you.
Until next time,
Market Inventory Report by City
| Current Actives | Active Listings | Pendings Last 30 days | Market time in months | ||
| 7/29/2004 | 7/29/2004 | 7/15/2004 | 7/1/2004 | ||
| Anaheim | 506 | 127 | 3.98 | * | * |
| Anaheim Hills | 281 | 63 | 4.46 | 5.00 | 3.03 |
| Aliso Viejo | 450 | 85 | 5.29 | 5.55 | 5.49 |
| Brea | 126 | 35 | 3.60 | * | * |
| Coto De Caza | 119 | 29 | 4.10 | 6.53 | 8.43 |
| Corona Del Mar | 113 | 22 | 5.14 | 5.00 | 5.76 |
| Costa Mesa | 271 | 74 | 3.66 | 3.44 | 2.99 |
| Dana Point | 225 | 45 | 5.00 | 3.66 | 3.92 |
| Foothill Ranch | 95 | 16 | 5.94 | 4.39 | 3.88 |
| Fountain Valley | 162 | 49 | 3.31 | 3.37 | 2.64 |
| Fullerton | 401 | 54 | 7.43 | * | * |
| Huntington Beach | 670 | 178 | 3.76 | 3.32 | 2.83 |
| Irvine | 1012 | 150 | 6.75 | 6.34 | 4.64 |
| Ladera Ranch | 206 | 22 | 9.36 | 8.67 | 5.56 |
| Laguna Hills | 208 | 31 | 6.71 | 6.47 | 4.86 |
| Laguna Beach | 193 | 22 | 8.77 | 9.41 | 5.03 |
| Lake Forest | 524 | 104 | 5.04 | 4.72 | 3.50 |
| Laguna Niguel | 533 | 73 | 7.30 | 5.54 | 4.60 |
| Mission Viejo | 543 | 111 | 4.89 | 4.09 | 3.45 |
| Newport Beach | 464 | 94 | 4.94 | 5.96 | 4.96 |
| Orange | 453 | 136 | 3.33 | 3.32 | 2.75 |
| Placentia | 145 | 40 | 3.63 | * | * |
| Portola Hills | 71 | 12 | 5.92 | 4.33 | 3.57 |
| Rancho Santa Marg. | 594 | 95 | 6.25 | 7.56 | 5.57 |
| San Clemente | 375 | 73 | 5.14 | 6.60 | 4.40 |
| San Juan | 180 | 50 | 3.60 | 3.43 | 3.02 |
| Villa Park | 30 | 6 | 5.00 | 7.75 | 7.50 |
| Yorba Linda | 322 | 61 | 5.28 | 5.38 | 3.90 |
| All of O.C. | 11018 | 2704 | 4.07 | 4.04 | 3.27 |
| Data tabulated from OCMLS and HB/FV-Newport/Mesa MLS. This representation in whole or in part on combined residential | |||||
| sales data from OCMLS and HB/FV-Newport Mesa MLS. None of these organizations guarantee or are in any way responsible | |||||
| for its accuracy. This data may not reflect all real estate activity in the market. | |||||