Fullerton Real Estate

November 22, 2010 by  
Filed under Real Estate

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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