For five years we have listened to forecasts about the conditions affecting the real estate markets within Orange County. I really don’t see any headlines today about what the markets are currently doing.  But here’s a short overview on current trends that are nothing short of stunning.

Pended sales jumped in Orange County last month to 3,765 -a 7 year high (August 2005) and 90% increase over February 2011, closed sales increased by nearly 11%, while the supply of homes declined again. A closer look at February’s numbers reveals that new listings in Orange County were nearly the same as January 2012.  All this means that the number of properties pended rose dramatically while the supply of homes remained the same. Based on pended sales, we now have a 1.9 month supply of homes left in the OC.  Another important fact is that the average price per square foot was exactly the same as the previous month at $282.

The most vulnerable markets have been in the upper price ranges.  Let’s take a quick look at what’s happening here too.  Within the one and two million dollar price range, the number of pended sales rose by a whopping 72.4%, while the average price per square foot decreased to $366, a new 15 month low.  The over $2 million market showed dramatic improvement with a 50% increase in pended sales over the same period a year ago. Also, the number of closings was up by 106%.  Interestingly, the average price per square foot rose to a new 15 month high of $775.

On a micro level, 92705 showed dramatic increases; pended sales up 87.5%, closings up 17.4%, and an increase in average price per square foot to $237.  And in case anyone wants to know what the hottest market around is, it’s the 92780 market. Pended sales exceeded the 92705 market and were up by 166.7% and then the months of inventory based on pended sales are at a new 7 year low of 1.4 months!

The Spring Market has blossomed!