Reduced Price Homes for sale in Orange County Real Estate: Search SocalMLS Real Estate Listings of Homes for sale in Orange County, CA

THIS MARKS THE LAST ORANGE COUNTY REAL ESTATE NEWS UPDATE OF 2006 AND WE END ON A POSSITIVE NOTE… In spite of reports that Orange County real estate was headed downhill, it may just be a very momentary delay as headlines in all papers conclusively report the facts, we are in a correcting market shifting to a moderating market. What are the exact news headlines? The LA Times prints “Region’s Home Prices Hold Firm,” and the OC Register, “A Moderating Market.” Both articles continued to report that after months of price adjustments, it did appear that the median home price in Orange County had stabilized. It is important here to remember the newspapers goal is to sell papers and so dramatize what really didn’t justify it. Namely, the reports were about sales plummeting as well as prices. Well, that’s not truly validated. The Orange County real estate market had appreciated 200% over 6 years and then fallen 5% to 8% over 8 months, “plummeting” seems a bit unjust. Similarly, when you have sales in excess of 4,500 in a month to set an all time high number of sales, “plunging volume” seems a bit untruthful as sales numbers adjust to a customary volume peak for the seasonal real estate cycle. Late November and early December inventory levels have done exactly what this newsletter calculated; they’ve reduced. Sellers who were trying to get more than the market accepted have seen their listings expire which most have not re-listed their home for sale. Now the sellers entering the market are realistic about current market conditions are listing their homes at market price and are watching them sell.

THE REAL NUMBERS… The total sales numbers for October (the most recent month available) is 2,715, up 1.9% from September and September’s sales were up from August. The percent change from the previous October 05’ is down 24.9%, which should be no surprise to anyone. The median Orange County home price held solid at $625,000- up 3.1% from last Octobers medium sales price. There were 1,685 single-family resale, 655 condominium resale, and 375 new homes. The price range sales statistics are: below $400,000 = 339, subsequently is $400,000 - $500,000 = 320, after that $500,000 - $600,000 = 479, followed by $600,000 - $700,000 = 506 and finally we have over $700,000 = 955.

DON’T BE CONCERNED ABOUT EMPLOYMENT SHIFTS AS HOUSING ADJUSTS… The Kiplinger California Letter reports on the impact of $43 billion in bonds. According to the report, “A public works construction boom over the next 10 years, benefiting builders, designers and construction materials firms. Not since the 1960s has there been so much work undertaken on the state’s infrastructure.” The article further states an expected 140,000 new jobs over 10 years, in excess of those to be gone in the current home-building downturn. These jobs will assist strengthen the employment for more population entering California as well as the trickle down and trickle up economics associated with that number jobs. FROM KIPLINGER LETTER, “The area’s tech industry is robust and likely to expand hiring.” The report states Broadcom-Irvine reported a 30% rise in sales in the 3^rd quarter of 2006 compared with the same quarter in 2005. Ingram Micro, Western Digital and Microsemi (Irvine) report gains in sales as well.

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