Supply of O.C. homes for sale hits 2011 low (Now all we need is the Demand back)

Source: OC Register, October 31st, 2011, posted by Jon Lansner

Based on this recent data, the inventory will drop further through the end of the year and 2012 will initially start off at a much healthier level.

  • 3.46 months for buyers to gobble up all homes for sale at the current pace vs. 3.46 months two weeks ago vs. 4.28 months a year ago vs. 2.45 months two years ago.
  • Of the 8 pricing slices, 4 had faster market time vs. 2 weeks ago; and 7 improved over a year ago.
  • Homes listed for under a million bucks have a market time of 3.03 months vs. 10.33 months for homes listed for more than $1 million.
  • So, basically, it is 3.4 times harder to sell a million-dollar-plus residence!
  • And just so you know, the million-dollar market represents 18% of all homes listed and 6% of all homes that entered into escrow in the past 30 days.

Here’s the recent data, as of last Thursday, for listings; deals pending; market time in months; last Thursday vs. 2 weeks ago, a year ago and 2 years ago.

Slice Listings Deals Market Time (months) 2 week ago 1 yr. ago 2 yr. ago
$0-$250k 1,771 653 2.71 2.79 3.06 1.60
$250k-$500k 3,512 1,412 2.49 2.43 3.39 1.47
$500k-$750k 2,057 499 4.12 4.18 4.49 2.34
$750k-$1m 883 150 5.89 5.70 6.11 3.70
$1m-$1.5m 599 95 6.31 7.31 6.82 5.94
$1.5m-$2m 367 40 9.18 9.60 16.67 6.88
$2m-4m 485 27 17.96 16.83 16.47 17.42
$4m+ 284 6 47.33 40.86 81.75 37.70
All O.C. 9,875 2,854 3.46 3.46 4.28 2.45

Find the price point you wish to engage in and then call me and I will create a FARM report for that area to help you go after new business. It appears that the fastest way to a closing is in the $250,000 to $500,000 sales price.