Sales Volume Increases as Detached Inventory Drops Across Orange County
Russell T. Valone II
FOR IMMEDIATE RELEASE
Orange County, California- Sales volume in the first quarter of 2007 climbed 38 percent from the fourth quarter of 2006 while the weighted average price fell 4.2 percent to $849,264, with average home sizes virtually unaffected.
According to MarketPointe Realty Advisor’s ResidentialTrends report, with each sector accounting for roughly half of the countywide net sales, both attached and detached homes each showed increased sales volumes for the first time since the second quarter of 2005. The attached sector saw an increase of 134 net sales (31 percent) on the heels of last quarter’s 35 percent decline while the detached sector continued the upward trend in net sales started last quarter, increasing by 44 percent to 567 net sales this quarter.
Additionally, total detached inventory is down 300 units (11 percent) from last quarter, with 86 percent of that inventory still undeveloped. Currently available inventory is down to 366 detached homes, a decline of 14 percent from the end of last year.
In the attached sector the units of inventory total 3,464, an increase of 12 percent. This is the highest level of total attached inventory since the fourth quarter of 2005. The bulk of attached inventory, 78 percent, is slated for future phases while 757 units are readily available, an available inventory increase of 26 percent from the fourth quarter of last year.
In addition to MarketPointe’s quarterly surveys of Orange County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, West Riverside, Santa Clarita-Antelope Valleys, East Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed survey of new home activity throughout Southern California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides comprehensive real estate databases and consulting services. The offices are located in San Diego and Orange County, with representation throughout California. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com/res_trends.shtml.
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