MarketPointe Reports Orange County’s Real Estate Pain
Like removing a Band-Aid, sometimes it is best to get it over quickly. New records for net sales volume futility were set this quarter as overall net sales volume, both quarterly and for all of 2008, attached quarterly net sales volume and detached annual net sales volume all posted their worst performances since 1991, recorded by MarketPointe’s ResidentialTrends™ data. According to Robert D. Martinez, Director of Research at MarketPointe™, “Overall net sales volume dropped 28 percent this quarter and 30 percent from 2007’s net total. Attached net sales dropped 40 percent this quarter and 24 percent from last year. Detached net sales declined 8 percent from last quarter and 37 percent from last year”.
The overall weighted average price remained virtually unchanged this quarter. In the attached sector, the weighted average price rose more than 4 percent, but was accompanied by a 10 percent increase in average home size. This resulted in a 5 percent drop in the weighted average attached value ratio. In the detached sector, the weighted average price dropped more than 11 percent and with little change in average home size, the value ratio dropped 12 percent.
After declining in each of the first three quarters of 2008, the fourth quarter saw an increase in overall total inventory in the region. In the attached sector, the majority (69 percent) units in inventory remain for development, and homes offered and unsold are up 9 percent from last quarter. The detached sector has 2,099 homes in inventory, with 86 percent homes remaining for development. Homes offered and unsold are up 16 percent. At the sales rate of the past 12 months, the current level of available attached inventory would sell out in 7.5 months with detached taking just over four months to exhaust.
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
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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