Inventory Low

The inventory in Orange County California is very low. The low inventory is reflected in foreclosures (bank owned) and in Short Sales as well as the traditional properties for sale. Foreclosures are just 4 percent of the total properties on the market in our area. Short Sales represent 27 percent of the Orange County listings.

The low inventory is causing stress on the market. By that I mean competition on a given property is causing, on average, properties to sell just over 3 percent above the asking price. This is specifically happening on those properties under $500,000.

It is difficult to pin down but the expected markdt time for short sales about 2 months. We show a lower inventory in distressed properties. In October 2008 there were 42.8 percent of the total listings and now they are 30.8 percent. That means you could possibly get a regular sale of a home without the bank intervention most of the time.