July 28th, 2012, Jon Lansner
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.|