Stability Seen in Orange County Sales
Orange County has seen a slight increase in sales volume this quarter, marking the highest total since the second quarter of 2008, as reported in MarketPointe’s™ ResidentialTrends™ Publication. According to Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc., “sometimes good news is relative”. Martinez notes that current sales volume levels would not typically be looked upon as good news, however, “given the sales volume declines seen in the last few years, the current stability in the market is good news, relatively speaking.”
Overall sales volume increased 5 percent this quarter due to a 4 percent increase in the attached sector and a 6 percent jump in the detached. The weighted average price also increased in both sectors, with the detached sector showing a 5 percent increase for a 5 percent larger average home. Martinez reports that “these similar price and size changes resulted in virtually no change” in the detached value ratio. However, the attached value ratio increased 8 percent this quarter due to a modest 2 percent rise in weighted average price accompanied by a 5 percent decrease in average home size.
Total inventory in the attached sector rose 20 percent as eight new projects entered the market. Sixty five percent of this inventory represents unreleased future phase inventory in active projects. Immediate attached supply increased by 21 percent this quarter. Despite three new active projects detached inventory has dropped 17 percent. Of these homes 84 percent are slated for future release while unsold and available homes have increased 4 percent. Detached inventory holds less than ten weeks of supply while the attached sector shows slightly more than six months 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
- Contact via E-mail
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