The real estate market in North Orange County is starting to see some signs of life. Condo sales are up 5.5%. The seasonal buyers trend is up due to many children being out of school, which allows families to consider moving to new homes. It's not uncommon to see families led in caravans by their fearless agents, with the entire family in tow. Many properties that are listed aggressively in relatively good condition are going into escrow in less than two weeks at premiums above their asking price. Buyers who are looking for a bargain are coming off the sidelines. The majority of the properties being viewed are short sales and bank owned properties.
Short sales and bank owned sales currently account for nearly 50% of the pending sales and about 37% of the current listings in Orange County. The inventory of new homes has been falling an average of one hundred per week in comparison to increases of two hundred per week, the same time last year. This may signal that the first wave of foreclosures due to increased mortgage payments may have already worked their way into and through the market.
In a recent Orange County Register article, citing Economists at Global Insight believe that Orange County real estate is now 5.2% undervalued. Whether or not you buy into the media, local activity and interest has increased.
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