O.C. median home price up 14% in ’12

July 28th, 2012,  

OC Register

Orange County home prices in early July ran at a post-crash high, up 14 percent since the year started.
Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending July 9 — the latest numbers — Orange County’s real estate market saw …

  • Median selling price for all residences of $455,000 — that is up 4.6% vs. a year ago. In June, the median hit a post-crash high of $453,000 for the full month.
  • Total Orange County sales of 3,481 residences closed in the latest period — that is up 15.3% vs. a year ago.
  • Resales of single family homes were up 21.1% vs last year; condo sales rose 13.7% vs. year ago. Builders’ new homes sales were 17.8% lower in the same period.
  • Note: 27 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!

And more analysis ….

  • Reality check: $455,000 median selling price is 29% below June 2007′s peak of $645,000.
  • Current price is above end of 2011′s median ($400,000.)
  • The most recent median is 23% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 31% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 24% higher ($418,250 in January 2009); condo median is 16% higher ($252,000 in March 2009.) Builder prices for new homes are 46% above June 2009′s $424,000 bottom.
  • The median selling price of a single-family home is 29% less than their peak pricing (June ’07). Condos sell 38% below their peak in March 2006. Builder prices for new homes are 29% below their February ’05 top.
  • Single-family homes were 77% more expensive than condos in this period vs. 80% a year ago. From 1988-2011, the average house/condo gap was 58%.
  • Builder’s new homes sales were 7% of all residences sold in the period vs. 10% a year ago. From 1988-2011, builders did 14% of the Orange County homeselling.

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 $518,000 +4.5% 2,287 +21.1% 2.6%
Condos $293,000 +6.5% 954 +13.7% 11.6%
New $617,750 +6.7% 240 -17.8% -53.1%
All O.C. $455,000 +4.6% 3,481 +15.3% -3.2%

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