May OC Real Estate Market On Homes Up To 600k

June 14, 2010 by Ryan Davison · Leave a Comment

What is going to happen to the real estate market now that the tax credit has come to an end?

Michael Fratantoni, MBA’s Vice President of Research and Economics said:

“The data continues to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season.”

Numbers for May have just come out, lets take a look at them now.

For sale is up 4.5% and sold is up 12.3% from last month. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to close in May, a carry over effect of the tax credit. The more accurate stat to look at is Pended, because this is property about to close that month. Pended is down 14% from last month, although there are only 4 months out of the last 15 where pended was higher. Look at the chart below for more detailed information.

Lets look at some more numbers.

The median price is $367,000 which is 7,000 dollars higher then last month, and the average price is $366,000 which is 2,000 dollars higher then last month. Both the median and the average price is the highest it has been dating back 15 months. The average price per SQ.FT is $264, 5,000 dollars higher then last month and also the highest it has been in the last 15 months. Days on market is at 67, there is only one month out of the last 15 where that was lower.

Judging by these numbers the real estate market looks strong for the month of May.

There is no doubt we are in an interesting market right now. The next few months will give us a better understanding of what the market is doing.

Stay tuned for tomorrows blog where I will discuss the 600k to 1 million market.

	1 month			1 year			15 months
	Apr 10	May 10	% Change	May 09	May 10	% Change	Mar 09	May 10	% Change
For Sale	5089	5316	4.5%	4485	5316	18.5%	6795	5316	-21.8%
Sold	1785	2004	12.3%	1888	2004	6.1%	1784	2004	12.3%
Pended	2710	2330	-14%	2211	2330	5.4%	2247	2330	3.7%