Thread: O.C. home-sale dollars up 23% this year

O.C. home-sale dollars up 23% this year

October 7th, 2010, 9:30 am
Jeff Collins

Dollars generated from all the homes sold in Orange County by real estate brokers totaled $10.7 billion this year so far, up 23.3% from the same period in 2009, Southern California Multiple Listing Service figures show.

The uptick in sales revenue translates into increased earnings for real estate professionals as well as for home sellers.

Rising prices and increased sales combined to break a four-year slide in which revenue generated from housing transactions cascaded down by $9.2 billion, or 52%.

The SoCal MLS report reflects data on homes sold through the broker controlled multiple listing database. Highlights include:

A total of 18,729 O.C. homes were sold through the SoCal MLS from January through August, up 7.8% from the same period in 2009.
The average price for a home sold through the MLS as of August 2010 was $570,353, up 14.4% from the same period in 2009.

This year’s MLS sales generated $2 billion more in gross revenue than last year: $10.7 billion as of August vs. $8.7 billion in the same period of 2009.
In August, local MLS sales generated nearly $1.3 billion, up 1.2% from the year before.

August sales dipped by 6.3% to 2,230 units. The average price, however, increased by 7.9% to $575,115.

Assuming that real estate brokers earned an average of 6% commission on each sale, this year’s sales would have generated $640.9 million in total commissions — for an average of $34,200 per home sold.

August’s commission total, assuming a 6% rate, would be $77 million, or $34,500 per home sold.

http://lansner.ocregister.com/2010/10/0 ... ear/83676/

So are the property flippers busy again?

RELATED

First-time homebuyers at record high

http://www.alipac.us/ftopict-214665.html