Steve Thomas at Remax Real Estate in Aliso Viejo calculates Orange County now has 12.2 months of inventory of homes currently on the market. Inventory numbers are certainly very high compared to the last two years, but the real culprit here seems to be a collapse in OC housing demand.
The following areas have inventories of less than ten months: Anaheim Hills, Brea, Canyon Areas, Cypress, Foothill Ranch, Huntington Beach, Laguna Woods, Mission Viejo, Rancho Santa Margarita and Seal Beach.
The following areas have inventories greater than fourteen months: Anaheim, Corona Del Mar, Dove Canyon, Garden Grove, Laguna Hills, La Habra, Lake Forest, Portola Hills, San Clemente, San Juan, Santa Ana, Talega, Tustin, Villa Park and all ranges above $2 million.
Very interesting analysis, to be sure...then out of nowhere, Steve suggests that it's probably a good time to buy and even employs the tired, noisome 'get off the fence' metaphor. With home sales as sluggish as they are, I can understand the need to drum up some business...but come on, Steve. Are you buying real estate right now, my friend?
Honest to God, every time I hear an RE agent try to explain why they think it's a good time to buy, well, I feel a bit like Brian in this classic snip of Family Guy:
VIVA LOS OSOS!