South Orange County Blog from Bob Phillips

Best April for Orange County homebuying in 3 years

Posted in home affordability, Real estate by southorangecounty on May 18, 2010

DataQuick’s homebuying stats for April are out, and they show a real estate market still on the mend with sales of all residences of 2,669 — that’s up 11.60% in a year and the best April in 3 years. Median selling price was $430,000 — up 13.2% in a year. Also …

Slice Price Yr. ago Sales Yr. ago
Houses $505,000 +17.4% 1,704 +9.7%
Condos $299,000 +16.6% 877 +18.7%
New $629,500 +32.8% 88 -11.1%
All O.C. $430,000 +13.2% 2,669 +11.6%
  • $430,000 median selling price that is still 33% below June 2007’s peak of $645,000.
  • The most recent median is 16% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was -43% below the peak.
  • Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)
  • Single-family homes resell for 31% less than their peak pricing (June ‘07) while condos sell 36% below their peak in March 2006. Builder prices for new homes are 27% below their February ‘05 top.
  • Single-family homes were 69% more expensive than condos in this period vs. 68% a year ago. From 1990-2008, the average house/condo gap was 57%.
  • 2,669 residencessold in April vs. 1997-2006 monthly sales average of 4,304 per month.
  • Builder’s new homes sales were 3% of all residences sold in the period vs. 4% a year ago. From 1990-2008, builders did 15% of the selling.

May 18th, 2010,  by Jon Lansner of the Orange County Register

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