Orange County’s Resurgence Hits Snag this Quarter
Sales in both housing sectors have taken a hit this quarter. However, the market here is still much better than in previous quarters. Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc. still maintains the new-home “market stable, [however] this quarter put a wrinkle in that assessment.” ResidentialTrends™ reports that despite a “significant” sales drop, almost exclusively driven by declines in the detached sector, the current quarter still “finished with more than double the [sales] volume of the record setting low” reported just three quarters ago.
Overall sales volume declined 35 percent in Orange County this quarter. Sales volume in the detached sector dropped significantly, to just half the output of last quarter. The attached sector saw a more modest decline of 15 percent.
In the attached sector, weighted average price increased 3 percent this quarter along with average home size which increased 7 percent. This resulted in a 3 percent decline in the attached value ratio. The detached sector also saw a 3 percent drop in value ratio, but this was due to decreases in weighted average price and home size, by 11 percent and 8 percent respectively.
Total inventory in the attached sector dropped 2 percent: of this inventory 62 percent represents unreleased future phase inventory in active projects. A decline of 4 percent was seen in the detached sector supply. Of these homes, 81 percent are slated for future release. Martinez predicts, at current sales rates, “attached inventory holds close to seven months of supply, with just less than three months in the detached sector.”
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
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.