Friday, June 4, 2010

Orange County Beach Area Homes Twice as Hard to Sell

Jon Lansner at Orange County Register posted an article about the OC housing market time at:   Beach homes twice as hard to sell - June 4th, 2010. 


Steve Thomas at Altera Real Estate follows  “market time” — the supply of Orange County homes for sale vs. new purchase deals inked in past month (theoretically, how long it would take to sell all inventory at current buying pace.) His latest O.C. home inventory report says that as of May 28 …

Hottest Supply Deals Mon. Yr. ago Price
Foothill Ranch 37 25 1.5 2.1 $538k
Rancho Santa Marg. 159 104 1.5 1.5 $390k
Dove Canyon 19 11 1.7 5.1 $801k
Cypress 94 52 1.8 2.2 $492k
Anaheim 433 232 1.9 1.7 $367k
County Supply Deals Mon. Yr. ago Price
All of O.C. 9,839 3,303 3.0 2.9 $1.0m
Coolest Supply Deals Mon. Yr. ago Price
Laguna Beach 376 33 11.4 11.0 $3.5m
Newport Beach 581 71 8.2 11.8 $2.3m
Corona Del Mar 180 27 6.7 13.2 $3.1m
Laguna Woods 397 64 6.2 7.3 $217k
Newport Coast 149 28 5.3 19.5 $4.5m
  • Beach-close towns tracked by Thomas had a collective market time of 5.37 months last week vs. 2.51 months for the rest of the county. Thus, it’s theoretically 2.1 times harder to sell a seaside house.
  • 20% of the communities tracked by Thomas had “market times” of less than 2 months, a clear sellers’ market in Thomas’ eyes. Four weeks ago? 43%.
  • The “hardest” O.C. town to find a home to buy in terms of “market time” is Foothill Ranch at 1.5 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 2.1 months.
  • The 5 “hardest to buy” markets combined have a market time of 1.8 months and comprised 8% of the supply of homes for sale and 13% of homes in escrow.
  • “Hardest” market to sell a home in, based on the same math, is Laguna Beach with market time at 11.4 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 11.0 months.
  • The 5 “hardest to sell” markets have a combined market time of 7.5 months and were 17% of the supply of homes for sale and 7% of homes in escrow.
  • All told, countywide market time was 3.0 months last week.
  • Chart at right looks at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math. 
Source: Jon Lansner, Orange County Register, citing information from Steve Thomas, Altera Real Estate

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Member; California State Bar Association #69137; National Association of Realtors, California Association of RealtorsOrange County Association of RealtorsChairperson of Local Government Relations south committee at  Newport Beach and Irvine area Realtor, broker agent and property information source.  Please always use an experienced and REALTOR® to help you with your decisions about sale or purchase of a home and property.

Posted via email from Explore OC Homes


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