Market for Mission Viejo, GOOD News!!!

Where is the market going for S. Orange County? What can we read into the Statistics?

I have been doing a report each month since Feb 19th, showing how many detached houses were available each month in Mission Viejo, breaking them down into; number of defaults, short sale, REOs and equity sellers.

Detached houses available

February Total 216 available, equity sellers = 57.6%
March Total 214 available, equity sellers = 57.9%
April Total 205 available, equity sellers = 62.9%
May Total 189 available, equity sellers = 66.6%
June Total 169 available, equity sellers = 70.4%

Inventory is down 21.8% since 2/19/09. Equity sellers are increasing in their percentage of the market share, going from 57.6% to a total of 70.4%. This shows that some sellers, who are not distressed sellers, aren’t afraid to put their properties on the market.

Houses are not on the market as long and prices are holding at this time in this area of California. We haven’t seen an over all decline in price for months now.