Residential property is beginning to move again. However, the upward climb will be long and slow in some parts of the country. It’s still a long way from where it was prior to 2008. But, it’s different in Orange County. It is speeding up very fast. It shows a 48.8% improvement in one year. Available number of residential homes is lower than any since 2007. Closed sales are the basis for success and newspapers rely on sources such as S&P/Case-Sheller Index, Data quick and Federal Housing Finance Index to track them.
Sold activity is a result of one or two months earlier when escrow was put in place on the residential property being sold early in 2012. Typically slow, it was not slow in Orange County. However, not all areas are making such a rapid recovery.
Of the houses in Orange County, those priced at fewer than one million dollars were sold in an average time of 1.58 months. The higher priced homes, priced over a million took 6.08 months on the average. Statistically, that makes it 3.9 times more difficult to sell a property if the listing is for more than a million dollars. Those houses are 21% of all listings in the area.
Residential property has sales pending signs and sold signs announcing success in the real estate market. Orange County home sales are definitely on the move – up.