Orange County Home Sales:
New Home Sales Up In 2012
Orange County Home Sales Figures Show New Home Sales Surged In 2012
Orange County home sales numbers were much improved in 2012, and new home sales were among the positive numbers posted. In fact, new home sales in Orange County were up by 74% over 2011. The numbers even indicate that buyers would have purchased more new homes … if they were available. It seems that builders aren't building them fast enough to meet the demand!
Here's an interesting article from Jeff Collins in the Orange County Register:
"New homes are selling again in Orange County. The problem is, developers aren't building them fast enough to meet demand." … Orange county Register
Orange County Home Sales Expected To Show Continued Growth
Record low interest rates, a recovering economy, and renewed buyer and investor confidence has spurred the entire Orange County home sales market. New home sales are showing good strength and the numbers should motivate some shy builders to wade deeper into the waters as the new year goes on.
Orange County Home Sales.
California Home Sales:
Southern California Home Sales Prices Up 19.6% In December
California Home Sales Showing Good Numbers For The Future
With a record number of cash buyers flooding the market, California home sales in December of 2012 posted some impressive numbers that portend well for 2013. Most experts agree that at the run-up to the end of the year the California home sales market showed some numbers that cannot be sustained over the long-term. However, all in all the signs are good for continued market recovery over the coming year.
Here's a comprehensive article by Alejandro Lazo in the Los Angeles Times:
"In California, buyers can anticipate a tight market in the near term. A supply of only about 2 1/2 months' worth of single-family homes for sale was available statewide at the end of December, the California Assn. of Realtors reported Tuesday. A supply …"
California Home Sales Numbers In December Driven By Upper End
As noted in the article, the California home sales numbers cited here were driven largely by "upper end" homes selling before years end. This was especially true in the So Cal area, and probably reflects uncertainty on the part of the "well to do" concerning tax rates during the coming year. All in all, however, the numbers are good. We may be looking at a short term market correction over the next couple of months, but overall the California home sales market appears in good shape as we head into 2013.
California Home Sales.
Real Estate News:
12 Hot Stories Of 2012
12 Of The Most Significant Real Estate News Stories
In another story from the Orange County Register today, we turn the focus to real estate news from Orange County, and one that's nationwide. What were the major developments in the world of Orange County real estate in 2012? What was teh major development nationally? There was lots of real estate news … some good and some bad … but what were the major developments over all?
Here's a great article by Marilyn Kalfus in the Orange County Register:
"The housing market hit bottom this year in Orange County and elsewhere. Home sales in the county hit their highest level for a November in seven years, leaping 25.3 percent over last year's sales pace. Home prices hit a five-year high …"
Is The Real Estate News Good Or Bad This Year?
As always, there was good real estate news and bad. With construction of homes beginning to get underway, commercial real estate in much better shape, inventories at a manageable level (though low presently), anyone would have to admit we're in better shape than last year and certainly better than 3 years ago.
Let's hope the good news continues into 2013! Are these the same as YOUR picks? Leave us a comment and let us know what you think!
Real Estate News.
Orange County Home Sales:
Number Of Distressed Listings Down
Orange County Home Sales Show Distressed Listings Down 93% From Peak
In a bit of mixed news for Orange County Home Sales, the numbers show a drastic reduction in the availability of "distressed listings" over the last 13 months. Distressed listings are those in foreclosure or "short sales". Such listings in the Orange County area are down 87% from a year ago, and 93% from their peak 13 months ago.
Here's a report from Jonathan Lansner and Jeff Collins in the Orange County register
"Distressed homes made up 12 percent of the market on Dec. 20, Thomas reported. By comparison, they made up 38 percent a year ago and 45 percent at the end of 2008 and start of 2009." … Orange County Register
Orange County Home Sales Numbers Show Mixed Market for Buyers vs Sellers
While it's a healthy sign that these Orange County home sales numbers show a decline in "distressed listings", the news is mixed for Buyers and Sellers. When these numbers were at their peak, distressed listings were often sold at a selling price steeply off the listing price. Buyers were able to find many "deals". Now that the inventory for these types of homes is much smaller, the Orange County home sales market is tougher for the Buyer and the Seller has much more control. The "deals" are fewer and more difficult to find.
Orange County Home Sales.