The November 2007 market trends reports are in and are based on data and/or estimates provided by the Southern California MLS (Multiple Listing Service). I will review this data by city.
San Clemente active real estate listings continue to be up over the same period last year. At the end of the month we had 534 active listings in the city compared to 466 for the previous year. Pending sales were down slightly being 55 in 2007 compared to 61 in 2006. And, solds were down to 44 this year over 52 for the same period last year. As you can understand the market is down, but not to the huge extent that the media wants you to believe.
Dana Point active real estate listings were also up over the same period last year, with 332 active listings this year compared to 273 for the prior year period. Pending sales were down to 27 in Dana Point over 2006 who posted 37 during the same time period. Solds were also down to 20 from 26 during the previous year's period.
San Juan Capistrano had 301 active real estate listings during November 2007 compared to 228 during November 2006. Pending sales were down to 21 from 35 during the same period the previous year. Solds were down slightly to 23 from 27 during 2006.
Our inventory is slowly shrinking which is what it needs to do to help the market recover. I continue to hear the experts predicting that by the 2nd quarter of 2008, we will start to see prices start in increase and the market here locally recover.
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