South Orange County REO Market – 2008 Year in Review
What a year in the Real Estate in Orange County. With 2008 solidly behind us, it’s time to take a look at what happened to South Orange County home sales last year. We’ll start with the REO home sales, since REOs are still the fastest moving of the three current markest in operation in Orange County.
In January, 74 REO homes in Orange County sold. Only one was over $1M – a steal of a deal in Laguna Beach. The average sales price on a South Orange County REO in January was $474 – 3 bedroom 2 bath with 1550 square feet of living space. It took 66 days to sell an REO home in South Orange County last January.
In December, there were 201 REO homes sold in South Orange County – 10 of those over $1M and five of those over $2M. The average sales price was $469 for a similar 3 bedroom 2 bath but now with almost 1700 square feet and took only 56 days to sell.
So, what can we make of all these facts and figures?
1. The number of REO homes for sale in South Orange County is currently increasing, as the foreclosure cycle completes and the banks offer these homes for sale.
2. More REO homes are becoming available in the higher price ranges and in cities like Coto de Caza, Laguna Beach, Newport Beach, and San Clemente.
3. We are not through with this cycle yet. Expect more REO homes for sale as January 2009 rolls along.
So, don’t wait any longer to go out and find a great deal on a Bank Owned home for sale in South Orange County – they are out there – in Laguna Beach, Dana Point, Costa Mesa, Newport Coast, Newport Beach, Coto de Caza, Dove Canyon, Rancho Santa Margarita, Mission Viejo, Aliso Viejo, …..whew. Let’s just say they are everywhere and in every price range. Go make a great deal!
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