Orange County Short Sale realtor market update

Orange County Short Sale Experts

This Short Sale market update is for the residentail real estate market here in Orange County , California. This report is brought to by the professionals at Short Sales ASAP, and tracts homes and condos that are Active for sale, pending in Escrow, and Sold in the past 90 days, for all residential properties as compared to short sales.

Currently there are 5,479 detached homes active for sale, and 1,218 short sale properties active for sale. The ratio of Short Sales to the Total is 22.2% .

There are now a Total of 3,278 attached condos listed for sale, and 1,147 of these active listings are short sales. This represents a ratio of Short Sales to Total condo listings of 35.0% .

Currently there are a grand total of 3,889 detached homes under contract in Escrow in Orange County. Of this total, 2,166 are short sales, which represents a ratio of 55.7% for Orange County .

In addtion, there is now a Total of 3,126 condominiums currently pending in Escrow, and 2,051 short sales in escrow, for a ratio of short sales to the grand Total of 65.6% .

In Orange County in the past 90 days, there have been a total of 3,440 detached homes that have Sold and closed escrow. Of this amount, 778 were Short Sales sold, which yields a ratio of Short Sales to the Total of 22.6% .

Lastley, for attached condos that have sold in the past 3 months, there have been 2,397 units that have closed. Of this Total, 774 were closed Short Sale condos, which represents 32.3% of the total.

There are some interesting observations to make, First, notice the large increase in the Ratio of Short Sales to Total when you compare Active for Sale to Pending in Escrow. This is due to the fact that most Short Sales are bargain priced and many home buyrs today are seeking value. But the next observation is even more interesting. Notice how the ratio of Short Sales to Total decreases substantially when comparing Pending in Escrow to Sold in the past 90 days. This shows the high failure rate of Short Sale transactions. To be exact, in the past 90 days, approximately 59% of detached Short Sale Transactions failed, and 51% Short Sale condo transactions failed to close.

The reason for this high failure is unfortunaley many home owners choose the neighborhood Realtor to list their Shrot Sale, and saldy many of these agents do not have the training or experience to close this complex transactions at a high rate of success. The Short Sales ASAP group are Orange County Short Sale experts and have a closing succes rate of over 95%. For more information or questions about Short Sales, feel free to call us at: (949)254-4774, or email us at: Info@ShortSalesASAP.com