Spring homebuying up 11% vs. ’11

April 28th, 2012, 

OC Register

The spring homebuying season looks strong with early April sales 11 percent ahead of a year ago.

Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending April 9 — the latest numbers — Orange County’s real estate market saw …

  • Median selling price for all residences of $403,500 — that is off 6.2% vs. a year ago.
  • Total Orange County sales of 2,911 residences closed in the latest period — that is up 11.4% vs. a year ago.
  • Note: 17 of 83 Orange County ZIPs had both rising sales and prices in the period. Is your ZIP one of those neighborhoods? To see, CLICK HERE!

Here’s the breakdown of recent activity by key category; included is how the latest results compare to the average monthly sales pace from 1988 through 2011:

Slice Price Price vs. year ago Sales Sales vs. year ago Sales vs. ’88-’11 avg.
Houses $464,500 -3.2% 1,886 +13.1% -15.4%
Condos $262,750 -10.9% 881 +14.3% 3.1%
New $589,000 +13.4% 144 -18.2% -71.8%
All O.C. $403,500 -6.2% 2,911 +11.4% -19.1%

And more analysis ….

  • $403,500 median selling price is 37% below June 2007′s peak of $645,000.
  • Current price is 10.3% below 2010′s peak (May and July) of $450,000; 2% below end of 2010′s median ($410,000.)
  • The most recent median is 9% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 12% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 11% higher ($418,250 in January 2009); condo median is 4% higher ($252,000 in March 2009.) Builder prices for new homes are 39% above June 2009′s $424,000 bottom.
  • The median selling price of a single-family home is 37% less than their peak pricing (June ’07). Condos sell 44% below their peak in March 2006. Builder prices for new homes are 32% below their February ’05 top.
  • Single-family homes were 77% more expensive than condos in this period vs. 63% a year ago. From 1988-2011, the average house/condo gap was 58%.
  • Builder’s new homes sales were 5% of all residences sold in the period vs. 7% a year ago. From 1988-2011, builders did 14% of the Orange County homeselling.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s