This is the latest DataQuick sales report for the 22 business days ending September 15, as published in the OC Register.
Same story as usual - prices tend to be way down while sales numbers are up.
Monday, October 06, 2008
South OC sales stats, Sept. 15
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5 comments:
So for starts, assume 45% of sales are either from foreclosures or short sales. That leaves 1,400 "organic" sales, all of them at prices reduced from expectations. Once distressed assets are finished, OC RE values will flatline for years given the employment and income growth picture.
Guess what will happen in HB, AV, IRV etc when the reduction from $729k to $625k in Conforming loan limits comes January 1st 2009.
There is no bottom coming soon.
"my neighborhood is immune"
hahaha
what about all the immigrants and the fact that they are no longer making land or this is the California riviera...at least they got my property tax bill right; its 5% higher from my purchase price in 2005.
The pricing change vs last year is going to mean less and less as the months pass from the "peak".
Is there any way you could capture the average sales price for each city at the top of the peak (June 07, right?) and keep inserting that each month as an additional column to the Register's data? That would give a much better picture on price declines.
Keep up the great work!
Anon - That's a really good suggestion. I'll incorporate that into the next report.
No main post today...way to frickin' hot to think about too much else other than - why is it 95 degrees in near-mid-October?
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