Orange County, Ca Existing Homes Sales Slow

Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the October 10, 2007 forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales.  “Conforming loans are abundantly available at historically favorable mortgage rates.  Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said. 

October figures for Dana Point show the number of new listings decreased 4 percent compared to October 2006. Home sales decreased by 11 percent during the same time period. Market times increased to 91 days or by 40 percent. The average sales price increased 8 percent to $1,225,528. 

Dana Point	New Listings	Sold Listings	Average Sales price	Average DOM
October 2007	82	25	$1,225,528	91
October 2006	85	28	$1,133,416	65

New listings in Laguna Beach decreased by 8 percent in October and the number of homes that sold decreased by 58 percent. Market times dropped 41 percent. The average sales price decreased 14 percent to $1,637,050.

Laguna Beach	New Listings	Sold Listings	Average Sales Price	Average DOM
October 2007	58	10	$1,637,050	71
October 2006	63	24	$1,896,791	120

Laguna Niguel reported a 14 percent decrease in new listings in October 2007 compared to October 2006. Market times were increased by 24 percent as the number of homes sold dropped 51 percent. The average sales price in Laguna Niguel showed an increase of 10 percent bringing the average sales price to $830,555.

Laguna Niguel	New Listings	Sold Listings	Average Sales Price	Average DOM
October 2007	130	34	$830,555	93
October 2006	152	69	$758,455	75

Mission Viejo's average sales price increased 9 percent to $734,646, while sales decreased by 34 percent and market times declined 8 percent. The number of new listings decreased by 14 percent.

 

Mission Viejo	New Listings	Sold Listings	Average Sales Price	Average DOM
October 2007	241	75	$734,646	76
October 2006	281	114	$700,423	81

 

The San Clemente average sales price dropped 8 percent compared to October 2006, bringing the average price to $962,123. The number of new listings increased 3 percent, while sales remained unchanged. Meanwhile, the average market time increased 17 percent, with average market times of 98 days vs. 84 days in 2006.

San Clemente	New Listings	Sold Listings	Average Sales Price	Average DOM
October 2007	115	52	$962,123	98
October 2006	1112	52	$1,047,885	84

San Juan Capistrano's average sales price increased 41 percent this October, bringing the average price to $904,930. The number of new listings increased by 22 percent, while market times increased 13 days or 16 percent, while sales decreased 46 percent.

San Juan Capistrano	New Listings	Sold Listings	Average Sales Price	Average DOM
October 2007	78	17	$904,930	92
October 2006	64	33	$640,875	79

Sales decreased across the board in October making this an excellent time to buy a home as some homeowners may be more eager to sell for a realistic price.  Real estate remains a good long term investment. What is not possible in the current market is being able to buy, then turn around an sell right away to make a huge profit.

 

Interested in knowing the current market value of your home? Simply visit EmailHouseValue.info. Your market valuation will be emailed to you.

 

Are you thinking of buying a home? You can get a daily email list of new homes for sale as they hit the market by visiting EmailHome.info. It is fast, easy and FREE!
Or, search for homes on your own, anytime you want, by Aerial Maps, Tract or Price, at GuideToLocalRealEstate.com

 
All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.

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