Thursday, February 24, 2005

Update on the Orange County Market

The Orange County real estate inventory continues to drop! We shaved another 632 homes off the current active market compared to 2 weeks ago, bringing the total to 5146. 4,549 homes were placed in escrow within the last 30 days, representing an increase of 721 additional escrows compared to 2 weeks ago. In the last 2 weeks the Orange County real estate market’s inventory dropped another 25%! That’s after a 26% drop 4 weeks ago and another 30% drop 2 weeks ago. Just a month ago, only 1 city had less than 1 month inventory; 2 weeks ago there were 9; today, there are 12! In most areas, multiple offers are the name of the game. Whoever has the sharpest pencil wins! Let’s keep our fingers crossed that more homes start hitting the market. We don’t want to repeat last spring where it seemed there were 20 buyers for every seller.

The following areas have less than 1 month inventory: Anaheim, Anaheim Hills, Aliso Viejo, Cypress, Foothill Ranch, Fountain Valley, Garden Grove, Lake Forest, Orange, Placentia, Portola Hills, Rancho Santa Margarita, Tustin and Westminster.

The following areas have inventories greater than 2 months: Canyon Areas, Coto de Caza, Corona Del Mar, Laguna Beach, Newport Beach San Clemente, Talega and Villa Park.

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