Based on Octobers home sales report a new market time report has been released. Market time is based
on home many months it would theoretically take to sell all the inventory in the local MLA for-sale listings at the current pace of home buying.
Two years ago it would have taken 13.31 months for buyers to purchase all available homes for sale but currently the market time is only 2.38 months.
Homes listed for under a million dollars have a significantly lower market time than homes asking for 7 figures. The market time for homes listed for under $1 million is 1.9 months compared to 8.8 months for homes listed for more than $1 million.
Throughout the county short sales - a sale of a home for less than is owed on its mortgage – are up.
The rise is shorts sales may help explain the increase in home transactions at a time when they are usually falling. Usually home sales decrease after August but this year the number of homes sold increased from August to September. Short sales often take longer to close so it may be sales from the summer are being carried over into September and October.
Short sales increased from 293 in January to 477 in September – a 63% increase in 9 months. Short sales are increasing while the number of distressed sales have been declining in the past year.
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Throughout the county short sales - a sale of a home for less than is owed on its mortgage – are up.
The rise is shorts sales may help explain the increase in home transactions at a time when they are usually falling. Usually home sales decrease after August but this year the number of homes sold increased from August to September. Short sales often take longer to close so it may be sales from the summer are being carried over into September and October.
Short sales increased from 293 in January to 477 in September – a 63% increase in 9 months. Short sales are increasing while the number of distressed sales have been declining in the past year.
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From mid-September to mid-October, 2,836 residences were purchased in Orange County – a 2.3% increase
from 2008.
September marked the 15th straight month of sales gains vs. the year-ago period, which followed 33 consecutive months where sales failed to beat the previous year’s pace.
The average selling price of homes during this period was $430,000 which is a 2.4% increase from last year.
Single family homes are reselling for 33% less than their peak pricing while condos are currently selling for 35% below their peak in March 2006.
For the first time in three years local homebuilder Standard Pacific Homes came out of the red. They reported a
net loss of $23.8 million during the third quarter which was 94% smaller than the year before – although slightly bigger than the previous quarter.
Standard Pacific Homes revenues fell 18% in the July-September quarter due to a combination of a 9% drop in the company’s average sale price and fewer homes for the company to sell. Last quarter the average Standard Pacific Home sold for $302,000 compared to $332,000 the year before.
From a development standpoint sales were up from last year. The company averaged 2.2 home sales a month per development compared to 1.7 per development in 2008. Standard Pacific Homes was also able to able to pay down $348 million in short-term debt through a combination or stocks swaps and issuance of longer term notes.
Hewlett Packard National Realtor Technology award winner, B.S. in Computer Science and Economics, one of the top Realtors in Orange County.
It's in his blood... Real Estate is in Adam's blood... he is a second generation real estate agent who was answering phones at his father’s realty and mortgage companies as soon as he was able to walk and talk! Adam soaked up all there was to know about the industry, as well as his family tradition of providing superb, high-touch customer service.
Leveraging the power of information... However, Adam took his thirst for knowledge one step further. Recognizing the opportunity to embrace technology as a way to enhance customer service, Adam earned a B.S. in Computer Science. He leverages the power of information technology and partners with companies such as LendingTree.com, HomeValues.com, HomeGain.com, and Realtor.com to offer his clients unparalleled visibility to home buyers.
Technology/Marketing award winner...By using the latest technology communication tools Adam streamlines the home buying and selling process for his clients. This ensures that his clients receive prompt and accurate up-to-the minute communications, as well as a fresh marketing strategy that encompasses both traditional and the latest online mediums. In fact, this high-tech strategic approach has won Adam national recognition as the 2006 Hewlett Packard National Realtor Technology Award Winner and more recently as a 2007 Realtor.com “Online Marketing Award of Excellence honoree.
Integrity and experience... As an advocate of the six-sigma methodology, Adam is constantly improving his business model. He employs a level of integrity to which many aspire and few achieve. Adam’s success is evident in his work ethic of take the easy way do it the right and that's his clients say about him... Adam works hard, and he does it right!
Adam Brett Freilich CA DRE LIC#01499486
Residential Re-Sale, Commercial Properties, Foreclosures and Investments. As a long-time Fullerton resident Adam is intimately familiar with North Orange County neighborhoods. He has extensive expertise in residential real estate, commercial build outs, hard money lending and mortgage banking. As an authorized REO agent for CountryWide Home Loans and World Savings he has extensive experience in all aspects of the foreclosure process. Investors rely on his knowledge and experience to help them identify and capitalize on distressed properties.
"Adam Brett helped us get into our dream home. He has the expertise in understanding the real estate market and incorporates the due diligence necessary to work hard for your specific real estate related needs. Adam is supremely versed in marketing, technology, and overall market trends, thus, as a home buyer or seller, you will be supplied with the tools required for a smooth transaction. We will call him again for any future needs, so call Adam today; he will be there for you." Kirk & Supika Kinder
It meant a lot to us that Adam delivered on his promises in a timely manner. Within the first week of listing our house for sale he set up a virtual tour online. He even took the time and effort to ‘stage’ our home for the open house events – going the extra mile is just standard service for Adam. He is extremely creative with his marketing and it's obvious he loves what he does by the enthusiasm he displays and the manner in which he gets things done!" Sherry Caracci
"When our mom passed away, we needed to sell the family home. It was a very emotional and difficult time for us. Adam came up with a terrific marketing plan and was able to sell the house for a good price within five weeks of listing the home for sale. He is the best real estate agent I’ve worked with period!" Al Smith
"We traveled a lot while our property was listed for sale and Adam kept it up for us while we were gone. He definitely went the extra mile!" Sally Fuller
"I want to THANK YOU so very much for all your time, support and dedicated work to complete the virtual tour / powerpoint for our Resource Center. You did an absolutely incredible job and I greatly appreciate it and most of all you." Patricia W.
"Working with Adam was a great experience. He was awesome, he helped us through the process every step of the way. He even helped us find resources to fix up the home when we put it on the market for sale. It was a very smooth experience, and I wouldn't hesitate to recommend him to anyone needing help to sell a home." Andrea Luarca
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