Orange County has 8 months-plus of homes for resale

“Spring may come and go without the usual annual home-buying rush, says the math of Steve Thomas at Re/Max Real Estate Services in Aliso Viejo. He calculates “market time” or a benchmark of how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, it would take 8.33 months for buyers to gobble up all homes listed for sale at the current pace of deals vs. 7.75 months two weeks earlier and vs. 4.43 months a year ago. And Thomas notes: Believe it or not, the Spring market is almost over. This month we can anticipate more of the same, buyers sitting on the sidelines digesting and slowly moving past the fading spotlight of the subprime debacle. However, with the growing inventory, dropping sales, increased foreclosures (nothing compared to the Inland Empire and Central Valley), we can anticipate additional media attention which could continue to dampen demand.“