Orange County New Home Sales “Could Run Like the Wind Blows”
New home sales in Orange County are beginning to take on a Forrest Gump “box of chocolates” type persona, “you never know what you’re going to get”. After posting record sales volume lows last quarter, this current quarter responded with quite a surge. Overall net sales volume, along with volume levels in both sectors, more than doubled the historic lows of last quarter, according to MarketPointe’s™ Residential Trends™ publication. Overall volume increased close to 116 percent, while increases of 106 percent and 125 percent were noted in the attached and detached sectors, respectively. “These sales volume increases occurred despite a decline in the number of active developments offering product to the marketplace,” reported Robert Martinez, Director of Research, MarketPointe™ Realty Advisors.
Overall weighted average price in the region decreased 8 percent this quarter for an average 2,153 square foot home, a value ratio decline of just 11 cents. In the attached sector, weighted average price fell for the second consecutive quarter, dropping 6 percent this quarter. This price decline was accompanied by a 4 percent decrease in average home size which, when coupled with the change in price, resulted in a 2 percent drop in the attached value ratio. In the detached sector, the weighted average price decreased nearly 11 percent for a 12 percent smaller home. These nearly equal price and size changes resulted in a small value ratio increase per square foot.
A 14 percent decline pushed attached total inventory below the 1,700-unit mark for the first time since the first quarter of 2006. Of the total units of attached inventory, 65 percent represent unreleased future phase inventory. There are 575 units that represent a more immediate supply, a 19 percent decline from last quarter. The detached sector has 1,700 homes in inventory, a decline of 11 percent. Of these homes, 84 percent await a future phase release. There are 256 unsold and available homes, down nearly 19 percent from last quarter. At the sales rate of the past 12 months, currently available attached inventory holds eight months of supply with just four months in the detached sector.
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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