OC Real Estate Now a Seller's Market?

Steve Thomas of Altera Real Estate tells the OC Register that the number of homes on the market has fallen to just a 2.5 month supply based on his "market time" model. That's down from a 16 month supply at the end of 2007 when the credit crunch hit.

The chart below shows the picture:

What this means is that the market for homes priced below $1 million has heated up, and under $500k it's red hot - multiple offers, cash offers, selling prices above list, and homes selling in 4 weeks or less.

Keep in mind, though, that "seller's market" doesn't mean the seller can name his price. It seems that a bottom has formed and prices are no longer dropping, but there are still a significant number of "distressed" properties on the market. Homes that are priced correctly are flying off the shelf, but homes priced above the market comparables are not.

Interested in what's on the market in your area? Try searching for homes for sale here!