South Orange County Blog from Bob Phillips

Orange County homebuyers are paying as much as 16% more

Posted in home affordability, Real estate by southorangecounty on May 14, 2010

For the 22 business days ending April 27 – DataQuick’s latest homebuying report — Orange County saw …

For the 22 business days ending April 27
Slice Price Yr. ago Sales Yr. ago
Houses $504,000 +18.6% 1,638 +4.0%
Condos $298,000 +19.2% 812 +8.0%
New $610,000 +25.3% 114 +16.3%
All O.C. $435,000 +16.0% 2,564 +5.7%
  • $435,000 median selling price that is +16% vs. a year ago … yet -33% below June 2007’s peak of $645,000.
  • The most recent median is 18% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was 43% below the peak.
  • Prices have risen on a year-over-year basis since September after falling from Sept. 2007 through August 2009.
  • Single-family homes resell for 31% less than their peak pricing (June ‘07) while 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 69% more expensive than condos in this period vs. 70% a year ago. From 1990-2008, the average house/condo gap was 57%.
  • In this most recent period, O.C. shoppers bought 2,564 residences — that is +5.7% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
  • Builder’s new homes sales were 4% of all residences sold in the period vs. 4% a year ago. From 1990-2008, builders did 15% of the selling.

May 14th, 2010,  by Jon Lansner of the Orange County Register

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