The latest data release from OCAR comparing March 2009 to the corresponding period one year earlier shows a dramatic change in the Orange County real estate climate:
* The inventory of homes has fallen by two-thirds, from a nine month supply to a three month supply
* The number of "SOLDS" in March was up 25% from one year ago
* The number of "PROPERTIES IN ESCROW" increased 59% from one year ago
* There are 28% fewer "ACTIVE" homes on the market today than one year ago
Clearly, there are plenty of buyers and investors interested in discounted homes, low interest rates, and (for those who have not owned in the past three years) an $8,000 tax credit.
Psychology has always been a huge driver in real estate, and it certainly appears to me like we are turning the corner on the demand side of the equation.
