Could The Orange County Real Estate New-Home Market Be Turning the Corner?
Contact: Russell T. Valone II
FOR IMMEDIATE RELEASE
In the news real estate in the Orange County region, new home sales had positive net sales gains following three quarters of downward sales, reported by MarketPointe™ Realty Advisors, Inc. ResidentialTrends™ last quarter. Watching closely the real estate trends and hoping for a continuous incline this quarter, reports show a decline in sales volume compared to last quarter in both the attached and detached housing sectors.
Relative to pricing, the overall weighted average price is down nearly 6 percent from last quarter, with almost the entire decline a result of the 9.3 percent drop in the average price of new detached homes as attached pricing averages remained relative flat.
“The one bright note in the market this quarter was the continued decline in inventory”, said Russ Valone, President, MarketPointe™ Realty Advisors, Inc. “While Orange County does not suffer from an inventory over hang to the degree its neighboring counties do, declining inventory levels are surely welcomed and a necessary factor in overall market recovery”. Countywide, overall total inventory declined 11 percent to 4,436 units. Demonstrating builder’s greater control of the inventory and declines in new phase releases, the 931 units of offered and unsold inventory is down nearly 5 percent, while the 3,505 units of remaining for development inventory reflects a 13 percent drop in this inventory classification. Attached inventory still dominates, with 679 units offered and unsold compared to just 252 in the detached sector. With most of the high-density projects releasing all of their units when the projects first come to the market, the detached sector represents a slightly higher percentage of the remaining for development inventory, with 1,837 units compared to 1,668 in the attached sector. From an overall inventory perspective, the gap between attached and detached inventory levels is narrowing.
MarketPointe™ Realty Advisors 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, Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Russ Valone
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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