Real Estate Review - August 2008

Hello Friends,

Welcome to another edition of The Real Estate Review.

The Numbers Don’t Lie.

For the month of July, Orange County sales are down when compared to last month. The number of completed property transactions decreased by 85 homes (-3.8%) from last month, but are up year over year.

The current total inventory of available properties spanning all price brackets for August 2nd showed 14,501 available homes for sale in July, up by 1,303 (+9%) from last month. This is due to reduced monthly sales and slightly more added inventory.

The total number of properties sold in the month of July amount to 2163, Down by 85 homes (- 3.8%) from last month at an average sale price of $756,000, which was a decrease of $43,254 (-5.4%) from last month. From a longer term perspective, the average sale price for Orange County was Down by $182,139 (-19.4%) for the one year period.

Is this the BOTTOM?

The market for Orange County real estate appears to be slowly regaining its footing. The number of completed property transactions is up from a year ago. A sign of strength can be seen from the shore since bargain buyers are coming off of the sidelines. The price declines are not as steep, and the number of sales increasing slightly. It should be noted that some cities are obviously doing better than others.

For the month of July, there has been more of the same, with stronger competition for properties on the lower end of the price spectrum below $650,000. The bottom line is that there are bargains out there to be had if you are positioned correctly to take advantage of this market.

Wishing You World Class Wealth,
Alex