Sales drop lowest since 1996 (Santa Ana: real estate, houses, neighborhood)

[tigerclaws]

here is the link
Lansner on Real Estate - OCRegister.com

Prices appear to have held up but for how long!!!

[goodbyehollywood]

Sales down, inventory up, prices at a plateau.

Buyers are waiting for prices to drop. Sellers can't hold out forever. Buyers won't blink first in this market.

[Sorcerer68]

It depends on the neighborhood. Echo Park sold almost twice the houses it did last year and the prices have increased more than any other neighborhood. Commercial properties are on fire. New listings sell in about a week, average listing price is 3 million. There are lots and lots of other areas with swollen inventories and dropped sales...but I wouldn't hold my breath for ginormous price drops.

[tigerclaws]

If we cut out the outliers (the high end and the low end), most would agree that the market appears to be bearish in nature. I wouldn't be surprised to see it remain like this for a couple more years.

Another link here says it might take 4 years to clear inventory in Santa Ana!!!!

[goodbyehollywood]

Originally Posted by Sorcerer68

It depends on the neighborhood. Echo Park sold almost twice the houses it did last year and the prices have increased more than any other neighborhood. Commercial properties are on fire. New listings sell in about a week, average listing price is 3 million. There are lots and lots of other areas with swollen inventories and dropped sales...but I wouldn't hold my breath for ginormous price drops.

Doesn't look like the more desirable areas are in for much of a plunge at all. There are other pocket areas like Echo Park that are doing well. It's taking longer, but prices are still increasing. Looks like a selective correction to me. This may change, but I don't see the same parabolic trend going down as going up. There's still demand.

[killer2021]

Check out the article entitled:
O.C. home deals drop 33% in 4 weeks

Santa Ana has nearly four years worth of inventory at current sales levels rofl! four years! Even the more exclusive areas have abnormally high levels of inventory.

[katie45]

Ummm, first it was the ongoing discussion about who made the most profit selling their home. Now the debate is about who will, or will not, lose the most money selling their home.

I betcha Cali has a lot more to offer than just the price of houses to talk about.

[goodbyehollywood]

Originally Posted by killer2021

Check out the article entitled:
O.C. home deals drop 33% in 4 weeks

Santa Ana has nearly four years worth of inventory at current sales levels rofl! four years! Even the more exclusive areas have abnormally high levels of inventory.

And it would have to drop another 33% before a lot of people would even consider moving to Santa Ana. "Desirable" and "affordable" don't often go hand-in-hand.