Just did a check on how the market in my area is doing. I work out of Mission Viejo, CA Population is over 95,000
Total Active on the market
11/19/09- - 235 all homes. 1/15/10- - 257 all homes.
Short Sale Active
11/19/09- -78 out of 235 1/15/10- - 106 out of 257
REO Active
11/19/09-7 out of 235 1/15/10- - 5 out of 257
In Default Active properties
11/19/09- - 2 out of 235 1/15/10- - 2 out of 257
In Probate this month are 2 properties
That leaves 147 out of 257 as equity sellers for 1/15/2010
January isn't looking as good as November did. The changes can be explained because there are more short sales on the market than standard sales. Equity sellers won't put their houses on the market during the holidays unless they have to, so we have a larger inventory of short sales still on the books. We are showing an increase in distressed properties on the market with 106 out of 257. Short sales sellers and REOs are taking a larger percentage of the active market. January should be showing an increase of equity sellers.
Did a check on what was sold during this same 2 month period and how many days they were on the market.
Sold REOs 11/19/09 to 1/15/10 total of 22 and average DOM 22
Sold Short Sales 11/19/09 to 1/15/10 total 38 and average DOM 120
Sold Standard Sales 11/19/09 to 1/15/10 total 102 and average DOM 44
As we come out of the holiday season, the market for Mission Viejo will change! Equity sellers at the high point were 68% of the market in August and are now down to only 41% to start the new year off. Will we see an increase of inventory? You bet we will! I have had more sellers calling this past 2 weeks saying they are thinking of selling than the first 3 months of last year. These are equity seller not distressed sellers! We all need to hope for the best!
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