According to Steve Thomas of Altera Real Estate, inventories have decreased over the past year in the OC. Average time to sell is just under three months vs. almost six months’ marketing time for properties one year ago.
However, there is currently a much longer market time for homes listed at over $1,000,000 vs. those under the $1 million mark. I might guess this is due to fewer financing options available in the marketplace today for traditional jumbo loans over the $729,500 high-balance conforming loan limit in Los Angeles and Orange Counties.
Distressed properties are just over 1/3 of total listings, with 43% under $1 million listed as short sales or bank sales (foreclosures), while only 7% of higher priced listings are distressed sales.
In other news, prices overall are nearly flat over last month…except in Las Vegas where they have seen prices falling for 38 consecutive months and a peak to bottom drop of over 55%. WOW.
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