O.C. housing: Prices up 10%, sales up 25%

December 8th, 2012,  by 

 OC Register

Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending Nov. 21 — the latest numbers — Orange County’s real estate market saw prices rise 10 percent in a year as sales jumped 25 percent.

  • Median selling price for all residences of $451,000 — that is up 10.0% vs. a year ago.
  • Total Orange County sales of 3,236 residences closed in the latest period — that is up 24.9% vs. a year ago.
  • Resales of single family homes were up 24.1% vs last year; condo sales rose 25.9% vs. year ago. Builders’ new homes sales were 29.2% higher in the same period.
  • Note: 46 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 ….

  • $451,000 median selling price is 30% below June 2007′s peak of $645,000.
  • Current price is 0.2% below 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 24% higher ($418,250 in January 2009); condo median is 21% higher ($252,000 in March 2009.) Builder prices for new homes are 48% 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 35% below their peak in March 2006. Builder prices for new homes are 28% below their February ’05 top.
  • Single-family homes were 70% more expensive than condos in this period vs. 72% 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. 6% 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 $520,000 +14.3% 2,096 +24.1% -6.0%
Condos $305,000 +15.1% 923 +25.9% 8.0%
New $625,500 +10.6% 217 +29.2% -57.6%
All O.C. $451,000 +10.0% 3,236 +24.9% -10.0%

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