And unfortunately it’s right: Outlook Not So Good
I took a quick peek at the numbers for Mission Viejo and it isn’t a pretty picture. Anyone I know who’s selling right now could tell you this without looking at these handy dandy charts courtesy of Altos Research, but here they are for you to scrutinize and study.
First up, median price. That downeard slope – that’s not what we want to see. Yes, the only saving grace is that it’s still higher than a year ago.
Next on deck, inventory. It’s up, up and away with inventory – which is not exactly what we want to see. According to Altos Research, “Median Inventory as of September 23 2007 for MISSION VIEJO is 454.21.”
And lastly DOM, no it’s not your long lost Italian cousin, it’s the Days on Market (DOM) and once again, the numbers aren’t exactly spectacular. We’re looking at about 75 days on the market.
The numbers aren’t great but we haven’t seen a bubble “pop” yet – just some slow deflation. We’ll have to see if it keeps losing air or the market gets some fresh wind here soon!