Well, that was fast. The kids over at the OC Real Estate Blog have essentially declared the housing slump over in The OC. After a few hoodwinks, slights of hand, and some funny math, come the graphs illustrated above. Apparently the months of inventory is down, the number of houses for sale is down, and the number of houses in escrow is up. Add this up, and POOF, the OC slump is over:
[Sales] prices will stop decreasing and hold steady. Since about November of 2005', sales prices have gradually dropped and are currently about 7% to 10% lower throughout much of Orange County. These dropping levels of inventory, increased sales and lower asking prices, will put an end to this. We foresee prices holding steady throughout much of the year, and if interest rates hold, we may even see a slight increase in pricing towards the end of this year. If your [sic] are a Buyer who has been sitting on the fence waiting for prices to drop or see prices stabilize, this is your window of opportunity to jump in. If you are a Seller, and your home is priced correctly in today's market, you should see an offer soon enough.Also, if you are a seller who refuses to drop your price after your local botoxed realtor convinced you that the market is roaring back, you should buy your next house in Fantasyland.
· The Orange County Real Estate Market is Alive Again [OC Real Estate Blog]