Significant Sales Resume After Dismal Fourth Quarter in Orange County
This quarter’s net sales have nearly tripled since the record setting fourth quarter downturn. Although the attached sector saw a larger percentage increase, “it was the detached sector that outsold the attached by 74 net sales” according to Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc. This was due to increased competition in the detached sector which resulted in a substantial increase in net sales volume. The surge in the attached sector occurred despite a decline in actively selling projects.
The overall value ratio in this market increased nearly 7 percent as weighted average price inched up, reports Martinez. The attached sector also saw a decline in average home size which resulted in a 5 percent increase in the attached value ratio. Similarly, an 8 percent drop in average home size in the detached sector increased the value ratio by 6 percent.
Inventory in the attached sector increased by 4 percent due to four new projects. 67 percent of this inventory represents unreleased future phases while the immediate supply declined 10 percent from last quarter, “the fewest since the first quarter of 2006” states Martinez. The detached sector also saw an increase in active projects, these nine new projects increased total inventory by 31 percent. Available detached inventory rose by 19 percent since last quarter and those homes slated for future release represent 87 percent of total inventory. Current available inventory consists of slightly more than 5 months of supply in the attached sector and approximately 10 weeks in the detached.
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
- Contact via E-mail
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