More homes came on the market in Orange County during the last two
weeks then at any other time since the supply build up began back in
January of this year. At the same time, demand for homes, which had
been declining continuously since April, finally held steady during
the most recent two weeks. Distressed homes on the market, the other
key OC residential real estate statistic we track here at
www.OC180NEWS,.com, showed no sign of slowing its relentless growth.
We run the numbers for the two weeks ending July 22, 2010.
Destruction from bad real estate loans, recession, and unemployment
continues to take a toll on West Orange County residential real
estate. Even though June marked the sixth consecutive month of job
growth in Orange County{see related article below}, , the number of
people who are on the verge of losing their homes in Seal Beach,
Rossmoor, and Los Alamitos has not improved much since our Unlisted
Distressed Properties Report last month.
Although the changes were relatively modest, the supply of Orange
County residential real estate continues to grow, while demand slips
again. The number of distressed homes on the market also continues to
expand. We run the numbers for the two weeks ending June 24, 2010.
Trends in Orange County residential real estate favored buyers for
another biweekly period. Supply and the number of distressed
properties on the market, both continue to increase, while the number
of new pending sales during the last 30 days (demand) fell again. We
run the numbers for the two weeks ending June 10, 2010.
For the second biweekly report in a row, the Orange County
residential real estate numbers moved in favor of buyers, rather than
sellers. It is still a sellers market in the lower ranges—below $1
million—but during the last four weeks, demand has fallen while supply
has increased. We run the numbers for the two weeks ending May 28,
2010.
In a trend reversal, demand for Orange County residential real
estate decreased considerably, while supply—the inventory of active
real estate listings—continued its upward climb. As a result, market
time—average time a house might be on the market—increased for the
first time in five biweekly reporting periods. We run the numbers for
the two weeks ending May 13, 2010.
In our last biweekly report on Orange County residential real
estate, we reported the first decrease in distressed homes on the
market since last fall. As it turns out, that was not the beginning of
a trend. As the federal first time home buyer credit expires, demand
surged to levels last seen in 2005, and supply expanded only modestly.
We run the numbers for the two weeks ending April 29, 2010.
Spring may be awakening in demand for Orange County residential
real estate. Supply also increased, but at a slower rate than the
expanding demand. At www.OC180NEWS.com, we run the numbers for the two
weeks ended March 18, 2010.
In some West Orange County neighborhoods the number of homes on the
market is about double the unlisted properties which are in some stage
of the foreclosure process—in others, the distressed properties are
much more than the total of all homes currently on the market. In this
neighborhood report, we consider the unlisted distressed homes as of
June 17, 2010.
What has happened to West Orange County Real Estate prices during
the last year? In this article, we report on the prices for completed
sales of residential real estate for Seal Beach—College Park East,
Leisure World, Old Town, and the rest of Seal Beach—Los Alamitos, and
Rossmoor. Here we present a comparison of sales during May 2010 and
May 2009. There were no transactions in either period for College Park
West.
Year to date residential real estate selling prices for the Old
Town section of Seal Beach fell 11%, while the rest of Seal Beach
experienced at least modest increases. In this neighborhood analysis,
we consider transactions through April for this year, compared to the
same period in 2009.
A review of current pending foreclosures for Los Alamitos reveals
more homes facing foreclosure than homes on the market. This article
reports on detached single family residential real estate for Los
Alamitos, and offers some comparisons to the real estate market in
Rossmoor. Since Rossmoor and Los Alamitos share a common zip code,
these two different markets are often reported as one market. In this
article we consider these areas separately.
Just as the number of distressed homes on the market
throughout Orange County finally stopped increasing (see related
article below), the situation in the unincorporated community of
Rossmoor could indicate a trend in the other direction. As of April
23, 2010, there were 34 homes in the active inventory listing of
residential real estate for Rossmoor. All of these homes, except for 1
short sale and 2 bank owned properties, are by sellers with equity.
But that does not tell the entire story.
Coming on top of the best national jobs report in ages, the first
back to back monthly job growth in Orange County in two years (see
related article), and a rising stock market, demand for Orange County
residential real estate moved higher. The demand increase is
consistent with expected seasonal patterns, but the magnitude of the
increase is much smaller than at this time last year. The supply of
homes on the market did not increase along with demand. At
www.OC180NEWS.com, we run the supply and demand numbers for the two
weeks ending April, 1, 2010.
Even though 32,500 more Californians were on company payrolls
during January and more homes were on the market, that did not
translate to increased demand for Orange County residential real
estate in the most recent two weeks. Further, February nationwide
retail sales were better than most expected and the stock market ended
last week on an up tick, but Orange County residential real estate
demand actually decreased. At www.OC180NEWS.com, we run the numbers
for the two weeks ending March 4, 2010.
