O.C. home sales prices up 7% in year

October 8th, 2012, by 

 OC Register

Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending September 20 — the latest numbers — Orange County’s real estate market saw …

  • Median selling price for all residences of $450,000 — that is up 7.1% vs. a year ago.
  • Total Orange County sales of 3,159 residences closed in the latest period — that is up 18.9% vs. a year ago.
  • Resales of single family homes were up 19.1% vs last year; condo sales rose 21.3% vs. year ago. Builders’ new homes sales were 4.8% higher in the same period.
  • Note: 39 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 ….

  • $450,000 median selling price is 30% below June 2007′s peak of $645,000.
  • Current price is at 2011′s peak (May and July) of $450,000; 13% above end of 2011′s median ($400,000.)
  • The most recent median is 22% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 29% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 23% higher ($418,250 in January 2009); condo median is 17% 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 30% less than their peak pricing (June ’07). Condos sell 37% below their peak in March 2006. Builder prices for new homes are 29% below their February ’05 top.
  • Single-family homes were 75% more expensive than condos in this period vs. 78% 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. 5% 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 $515,000 +9.1% 2,117 +19.1% -5.1%
Condos $295,000 +11.3% 888 +21.3% 3.9%
New $617,500 +3.8% 154 +4.8% -69.9%
All O.C. $450,000 +7.1% 3,159 +18.9% -12.2%

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