Inventory is backing off highs
Spotting flips has become a little more difficult lately. Many of the flips featured on this blog have been taken off the market. If they come back, we'll definitely post about them. A few of the featured flips are accepting backup offers so hopefully we'll find out soon if they sell. In the meanwhile, we'll keep searching for flips and blogging about them.
Take a look at how fast inventory has been coming off the market:
- Tracking Orange County
- Irvine Inventory Trend (~2 months)
My realtor said that a lot of sellers are taking their houses off the market through the holidays. Then at the beginning of next year they can relist them with a new MLS number and their cumulative days on market (CDOM) can reset to zero. A house has to be off the market for 90 days to have the CDOM start back at zero.
Hi,
I need some expert advice from you folks.
Moved to Irvine in 1999 and rented as I got my Masters from UCI. Watched houses shoot up from $300k to $800k in that timeframe :(.
I just got married. We have a house in La Puente that is worth roughly $560k (but the sale price would likely be closer to $500k). The mortgage is on $300k, with a 5 year ARM that is close to expiring in March.
I currently work in Irvine and the commute up and down the 57 is killing me. Looking to relocate to Irvine/Tustin/Costa Mesa.
1. Do you foresee prices coming down further in the next 6 months?
2. Are the costs significantly higher for new houses in Irvine vs slightly older ones? ie mello roos, HOA, etc.
3. Looking for a 4 bdrm, 2.5 bth SFH, minimum 1600 sq ft, nothing too old. Hoping for something built in the 90’s at the very least. Any suggestions?
4. Say a house is listed at $740k. What is the reasonable price I can be expected to negotiate it down to in this market?
Thanks!
Nothing to panic about.
The decline in inventory is seasonal. If you check out Bubble Market Inventory’s blog, you can see that the same thing happened last year. Peak was August and then dropped off until January.
You should take note that the amount of inventory at this time is double what it was last year (16000 in 2006 for all OC vs 8000 in 2005).
Nice blog by the way.
I am new to So Cal and am renting in Irvine. I am seeing so many houses for sale- and then I see everyday the homes being built off of Warner/Barranca, etc. I haven’t seen any comments on these Columbus Homes. Have you done any research into this area- is it all flips, what % is sold out, etc? I see on homeseekers that there’s an offer on a model home (20 Juneberry) that is listed for around $1.439 million. I am curious to see what it actually sells for.
As I understand the numbers, the decrease in inventory is far greater than the number of houses that are selling.
This all seems sort of strange to me…...I want to sell my house, I list it with a RE agent…......well it didn’t sell, so I take it off the market.
Does this mean that people are selling houses because they have nothing else to do? Are people listing a house just to find out if someone is dumb enough to buy it? Will there be 100 new rentals coming on the market per month now?
What’s going on here?
It is just seasonal…no one wants to show their house over the holidays.
Yup, inventory down, sales at the October historic norm, interest rates are decent. Definitely no housing bubble. It’s settled.. I’m taking my blog down and tomorrow I’ll buy an Irvine condo at $500/sq ft. What a stunning bargain!
OC_fl
PS. Pigs are freezing over and hell is flying, just so you know.
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