Summary Sales for Q1 2008

The average sale price during the first three months of 2008 was $604,508 which represented a decline of 11.6% compared to the same period in 2007. Total sales dropped 38.6% and the time on market rose10.4%. These are all solid indicators of the adjustment taking place in resale homes across O.C. The experts tout that we have been in a recession for the past 4 months and will likely continue for the balance of the year. I think it has less to do with the recession and more to do with lending and buyer confidence. About 20% of the homes seem to fall into the category of short sale or foreclosure, which really plays nicely into the buyers’ market. Overall, I say the market has great opportunities for buyers and investors alike. Real sellers will sell and real buyers will buy as they always have. For details on foreclosures and auctions call 714-264-5964, or email tom@tomlevitt.com .