Note that this information is outdated.
Will we be the “caboose” when it comes to following the real estate market in Southern California? I ran across the following market update and decided to share it with you…..
There is a significant decrease in number of available homes for sale and an increase in pending home sales in Orange County California. In May of 2007, there were 16,238 active listings and only 3,001 properties in pending status, today’s figures are reversed, half actives and almost doubled pending sales. As of August 5 th 2009, there are 8,750 active listings in Orange County and 6461 properties in pending status according to SoCal Tempo MLS.
This is exactly the type of news that we have been hoping for. As the number of homes for sale decrease, we will begin to see the market stabilize. I touched on this in last months market watch as numbers clearly show our sales are up 153% from the first half of 2008. Fortunately, for Bullhead City, Fort Mohave and Mohave Valley Arizona, the July numbers followed along in a positive beat. Although foreclosures continue made up 59% of the sales in July, there were a total of 87 home sales. The competition among homes sellers should be easing as available homes for sale are down from 844 in January, to 588 in August.
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