Supply of O.C. homes for sale jumps 10% in a month
Orange County homeowners have made a springtime rush to sell, raising the supply of homes listed by 10 percent in a month. ReportsOnHousing said 6,601 homes were for sale in brokers’ listing networks as of June 2, up 336 in two weeks and 601 in a month. Orange County’s housing market, which has struggled with limited options for house hunters, now has supply that’s 5 percent greater than a year ago.
Here’s how supply growth jumped by price level in the past month:
• Under $500,000: Up 7 percent.
• $500,000 to $750,000: Up 17 percent.
• $750,000 to $1 million: Up 15 percent.
• $1 million to $1.5 million: Up 6 percent.
• $1.5 million to $2 million: Flat.
• $2 million to $4 million: Up 5 percent.
• $4 million-plus: Up 7 percent.
ReportsOnHousing analyst Steve Thomas wrote: “As more homes come on the market and demand drops during the summer months, the housing market will cool. It is still a hot housing market, but the growth in inventory is a glaring sign that the window of opportunity to take advantage of the hottest time of the year to sell is closing. Due to the increased competition, the sizzling hot housing market is transitioning to a slight seller’s market.”
Buyers have pulled back in the same period. ReportsOnHousing said 3,022 pending sales were in escrow, virtually the same from a year ago but down 4 percent in two weeks. The last mid-spring drop was in 2010.
But the market has not yet dramatically shifted away from one with a seller’s advantage.
ReportsOnHousing’s “market time” – a benchmark of market speed – showed the typical home selling in 66 days on June 2 vs. 60 days two weeks earlier, and 62 days a year ago. Any reading under 90 days is considered by Thomas to be a “seller’s market.”
Source: OC Register 6/6/16
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May 2016 LAGUNA BEACH statistics
Active - 255
Pending - 54
Sold - 65
4 - Less than $1,000,000
20 - $1,000,000 - $2,000,000
16 - $2,000,000 - $3,000,000
6 - $3,000,000 - $4,000,000
7 - $4,000,000 - $5,000,000
3 - $5,000,000 - $6,000,000
6 - $6,000,000 - $10,000,000
1 - $10,900,000
1 - $17,500,000
1 - $19,900,000
Pending - 54
Sold - 65
4 - Less than $1,000,000
20 - $1,000,000 - $2,000,000
16 - $2,000,000 - $3,000,000
6 - $3,000,000 - $4,000,000
7 - $4,000,000 - $5,000,000
3 - $5,000,000 - $6,000,000
6 - $6,000,000 - $10,000,000
1 - $10,900,000
1 - $17,500,000
1 - $19,900,000
