House hunters seeking bargains: Here’s some more depressing news.
You’ve seen all of the reports about the limited inventory of cheaper homes. For example, ReportsOnHousing shows 1,208 homes listed for $500,000 or less on Feb. 25 – down 24 percent from a year ago.
That kind of supply shortage means sellers don’t have to discount much to move a property in Orange County’s most affordable neighborhoods.
ReportsOnHousing author Steve Thomas has an intriguing analysis in his biweekly breakdown of selling information from broker-listing networks: the ratio of selling price to the last list price. These numbers translate to how much discounting a buyer can expect a seller to make to get a deal done.
I tossed January’s selling data into my trusty…