Significant Declines in Overall Net Sales Volume Seen Throughout Orange County
After a promising mid-year surge in the second and third quarters of this year, Orange County pulled an “about-face,” plummeting more than 66 percent this quarter. This is a “dose of reality” for the region, so says Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc. He dispenses further realism by noting that the fourth quarter’s 200 overall net sales also “marks the lowest total output on record.” Although the attached sector was responsible for the bulk of the decline, dropping close to 81 percent, the detached sector performed only marginally better, falling 49 percent.
ResidentialTrends™ reports an increase of 10 percent in weighted average price in the region, a value ratio decline of less than 1 percent. In the attached sector, weighted average price increased nearly 13 percent this quarter. Accompanied by a 16 percent increase in average home size, this resulted in a 3 percent decline in the attached value ratio. The detached sector also saw an increase in value ratio: this 2 percent rise was the result of a 5 percent increase in weighted average price for a 3 percent larger average home.
A whopping 25 percent decline in attached inventory drops supply to levels not seen since the third quarter of 2004. At the sales rate of the past 12 months, currently available attached inventory holds less than seven months of supply. The more than 10 percent decline of detached inventory represents about ten weeks of supply.
MarketPointe™ Realty Advisors, Inc. provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554 or Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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