Monday, June 2, 2008

O.C. homebuying losing streak will end soon

Demand for O.C. homes is improving according to market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo, CA. Housing demand is at a 24 month high. Skeptics are saying that surging bank REO inventory dumped on the market is responsible for pent-up demand.

Every two weeks, Thomas also calculates “market time,” a benchmark of 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, it would take 5.61 months for buyers to gobble up all homes listed for sale last Thursday at the current pace of deals vs. 5.82 months two weeks earlier and vs. 8.86 months a year ago. A key reason: the latest count deals in escrow of 2,720 is up 173% vs. Jan. 19’s wintertime low. Here’s a look at listings, new deals to buy homes and Thomas’ market time in month

source: Demand for O.C. homes now passing ‘06 pace
OCregister, posted by Jon Lansner/O.C. Register columnist, June 2nd, 2008

No comments: