Want to know what’s happening in real estate in your backyard? Good news, where the real estate market is concerned. According to a recent C.A.R. report, California pending home sales were higher in January and short sales rose to the highest level in three years. Pending home sales in California, Orange County included, climbed in January from both the previous month and the previous year, states data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Additionally, distressed home sales rose in January, comprising about half of all homes sold.
C.A.R.’s Pending Home Sales Index rose from a revised 91.0 in December to 102.4 in January, based on signed home sale contracts. The index also was up from the 93.1 recorded in January 2011, marking the 9th consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market — good news for anyone looking to sell in Orange County!
Now for distressed housing market data in California, including Southern California:
- Equity sales made up almost 50% of home sales in January, down from 52.7% in December but up from 46.% in January 2011.
- The total share of all distressed property types sold statewide increased to 50% in January, up from December’s 47.3% but down from 53.5% in January 2011.
- The share of short sales rose to its highest level in three years since C.A.R. began tracking this statistic. Of the distressed properties sold statewide in January, almost 24% were short sales, up from the previous month’s share of 22% and up from last January’s share of 22%.
- The share of REO sales rose in January to 25%, up from December’s almost 25%, but down from the 30% recorded in January 2011.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. A member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.