As we head into the selling season within the Orange County Real Estate market, the market is still dominated by short sales. In an article using data provided by Steven Thomas and posted on Jon Lanser's blog in the Orange County Register, Jon highlights the amount of short sales in the current Orange County market. According to the data provided, of the 8,080 current active listings in Orange County, 2,990 or 37% of them are short sales. The more interesting data point was that of the 2,528 Orange County homes which went into escrow in the past 30 days, 1,504 or 59% of the total were short sales.
Looking at some of the city data provided, Rancho Santa Margarita Homes had one of the highest percentages of distressed sales, as 94 or 68.6% of the total of 137 sales in the last 30 days were short sales. While RSM had one of the highest percentage of short sales, Seal Beach offered one of the lowest percentages. Only nine of the Seal Beach Homes which were sold over the past 30 days were short sales, that is out of a total of 230 for a very low 3.9%. With the high number of current listings in Orange County being Short sales, it is apparent that short sales will continue to dominate our Orange County Real Estate for some time moving forward.