There is light at the end of the tunnel…
It began this spring with whispers and mumblings in the real estate community and blogesphere. Buyers were emerging from their winter doldrums and showing up at Open Houses–at first checking house prices; not commiting, but still demonstrating a measurable interest in real estate.
While the reports from the established media were still cast in colors of May gray, and June gloom, the tweets and twitters from the chorus of real estate agents in their respective local nests were singing a different tune and what a sweet tune it has turned out to be.
Open the curtains, raise the windows, throw open the doors, and inhale the fresh air of a changing season in the real estate market. The flowers are in full bloom and their fragrance fills the air. The birds are singing and a new day is dawning here in Irvine and in the local housing markets around Orange County.
Psst…if you haven’t heard, homes are selling and they are selling in healthy numbers. Active listings down; pending sales up; inventory is rapidly being absorbed–these positive trends continue to emerge in the Irvine, California and Orange County real estate markets.
Irvine and Orange County housing sales reported to the MLS continues to be strong. The past two weeks have seen sales in greater numbers. Inventory continues to fall by an average of about 100 listings per week, compared to increases of approximately 200 listings per week at this time last year. The current inventory in Orange County number 1600 fewer homes than at this time last year. Active listings in Orange County have fallen below 15,000, and the index of how long it would take to sell/absorb the existing inventory at the current rate of sales is at its lowest point since August of 2006. In our local Irvine housing market, we currently have a total of 839 active listings in the Multiple Listing Service. Those homes/condos reported as in Back-Up or Pending Sales (in escrow) number 272 which indicates that it would take only three months to absorb/sell the existing inventory at the current rate of sales.
Buyers have a real opportunity to realize their dream of home ownership at significantly lower prices and favorable interest rates.