Fullerton Real Estate

November 22, 2010 by  
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Elephant Packing House, Fullerton, California
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More owners of Fullerton homes for sale appear to becoming frustrated with the stagnant local real estate market, as more Orange County home owners are taking their homes off the market. According to a local real estate inventory report released by the Orange County Register, The listing inventory continued to drop, shedding another 2% in two weeks. The active listing inventory continued its decent, dropping slightly over the last two weeks by 274 homes, now totaling 11,151. After peaking in mid-September, the inventory has dropped by 741 homes, or 6%. Last year at this time there were 3,432 fewer homes on the active inventory compared to today. Thomas calculates a ‚market time‚ benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, as of last Thursday, it would take: 4.18 months for buyers to gobble up all homes for sale at the current pace vs. 4.28 months two weeks ago vs.    2.38 months a year ago vs. 5.18 months two years ago. Homes listed for under a million bucks have a market time of 3.69 months vs.    11.41 months for homes listed for more than $1 million. So, basically, it is 3.1 times harder to sell a million-dollar-plus residence! And just so you know, the million-dollar market represents 18% of all homes listed and 7% of all homes that entered into escrow in the past 30 days.

This frustration may be partially the result of a relatively lack of movement among median prices in the Fullerton real estate market, according to a November 16, 2010 article also from the Orange County Register. This report by Jonathan Lansner stated that ‚DataQuick’s October homebuying report is out this Tuesday morning ‚Orange County median price was $438,000 lowest since April and up just 0.3% ($1,500) from a year ago. That meager rate of gain is the 14th consecutive month of year-over-year increase; but it’s the smallest jump of the entire streak dating to September 2009. Sales were 2,298  down 18% from a year ago. Fourth straight year-over-year sales decline after a 24-month period with 23 increases in sales vs. a year ago. This was the slowest-selling October since 2007.

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4S Ranch Real Estate

November 22, 2010 by  
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Seal of San Diego County, California
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The 4S Ranch housing market, found in the midst of an expensive section of San Diego County, saw a sharp reversal of some earlier gains, possibly as a result of the expiration of the federal housing tax credit. According to a November 15, 2010 article in the San Diego Union Tribune, San Diego County home prices rose slightly in October after a two-month decline, but sales were off substantially, MDA DataQuick reported Monday. The overall median was $334,500, up $4,000 or 1.2 percent from September and up $9,500 or 2.9 percent from October 2009 levels. The figure was still below the $340,000 most recent peak reached in May and the record high of $517,500 set in November 2005. The sales count probably was the most dramatic statistic to come out of the DataQuick report. The total for October was 2,750 transactions, down 10.4 percent from September, mirroring a typical seasonal downturn as buyers slacken off of their purchases once their children return to school. But on a year-over-year basis, the total was off 25.1 percent from 3,671 logged in October last year — the third biggest such drop, after 1990’s 35.7 percent decline in the last big recession, and 2007’s 32.5 percent fall in the aftermath of the subprime mortgage meltdown.

This negative trend for 4S Ranch homes for sale was also mirrored and extended over the larger Southern California region, according to a November 16, 2010 report also from the San Diego Union Tribune. The report by Dean Calbreath stated that ‚Last month was the worst October in three years for home sales in Southern California, forcing a slowdown in the recent rise in prices, according to a survey released Tuesday by MDA Dataquick, a real estate research firm in La Jolla. Throughout the region, 16,744 were sold in October, down 7.4 percent from 18,091 sold in September, and down 24.3 percent from 22,132 sold in October 2009. In San Diego County, the year-to-year drop was even sharper, a 25.1 percent fall from 3,671 homes in October 2009 to 2,750 homes last month. Although it is typical to have a seasonal drop between September and October, last months sales – for both the county and the region – were the lowest number for October since 2007 and the second-lowest for October since 1988.

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