Monday, November 23, 2009

Entry Level Home Sales - The Hottest Selling Market in Orange County CA (part1)

Many homebuyers are under the impression that the current down market is just begging them to be in it. In many areas and price points this is truly the case; however, it is currently not the case in Orange County, CA at the entry-level single family home price point. The main reason.......Inventory (or rather a lack thereof). Here's what we mean:

Going off our most popular search criteria given by our clients in the last 6 months to a year, we profiled the following hypothetical buyer looking for a single family house with:

3+ Bedrooms
2+ Bathrooms
1,000+ sqft of living space
5,000+ sqft lot
2+ car garage
up to $400,000 max

Here's the Results across ALL of Orange County

# of homes fitting criteria in

(1) Anaheim Hills
(80) Anaheim
(13) Buena Park
(2) Brea
(2) Costa Mesa
(14) Fullerton
(28) Garden Grove
(1) Lake Forrest
(10) La Habra
(7) Orange
(6) Placentia
(84) Santa Ana
(10) Stanton

For a Grand Total of Only 262 Homes in the ENTIRE COUNTY!!!

Of this, there are only 90 or so homes meeting the criteria that are in Orange County and not in Anaheim or Santa Ana!!!

These numbers are rather shocking and the biggest reason we have seen the Orange County CA foreclosure real estate market get scorching hot.