August 2012 Market Summary – Orange County

  • Comparing August, year over year, pended sales are up 37.8% over a year ago, and homes available for buyers, down 55.2%
  • Closings were up 16% over a year ago
  • The effect of fewer listings and more pended sales is clearly illustrated in the Months of Inventory/Closed Sales (1.7 months) and Months of Inventory/Pended Sales (1.3 months)
  • Compared to a year ago, the average price per square foot is up 7.7% to $309
  • The sold/list differential percentage is exactly the same as one year ago. The 3% figure represents how buyers and seller are negotiating with each other as well it tells us how buyers and sellers should strategize to list their property and how to strategize writing an offer to obtain the best results.
  • Overall, supply has decreased dramatically and pended sales have increased significantly. If the current trend continues we expect a flattening of prices and in some local markets, appreciation. Overall, there were 5,984 fewer homes available and 1,040 more homes sold in August 2012 as compared to August 2011. Overall in Orange County, 78.1% of the supply of the homes available in August 2012 sold– compared to 25.8% in 2011, with prices on a per square foot basis rising 7.7% as compared to August 2011. During the month of August 2012, there were 4,857 homes available and 3,794 homes sold, leaving a mere 1,063 homes available going into September. This represents the highest absorption rate in nearly 7 years.

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