South Orange County Blog from Bob Phillips

Orange County, CA median home prices up 7% in year

Posted in Existing Home Sales, Home buying, Home Values, Housing Analysis, New Home Sales, Pending Home Sales, Real estate by southorangecounty on September 28, 2012

O.C. median home prices up 7% in year

September 28th, 2012,  by Jon Lansner , the Orange County Register

Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending Sept. 14 – the latest numbers – Orange County’s real estate market saw …
  • Median selling price for all residences of $450,000 – that is up 7.4% vs. a year ago.
  • Total Orange County sales of 3,370 residences closed in the latest period – that is up 27.7% vs. a year ago.
  • Resales of single-family homes were up 28.6% vs. last year; condo sales rose 29.3% vs. year ago. Builders’ new-home sales were 8.6% higher in the same period.
  • Note: 49 of 83 Orange County ZIPs had both rising sales and rising prices in the period.

And more analysis ….

  • $450,000 median selling price is 30% below June 2007′s peak of $645,000.
  • Current price is 0.0% 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 17% higher ($252,000 in March 2009). Builder prices for new homes are 43% 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 37% below their peak in March 2006. Builder prices for new homes are 30% below their February ’05 top.
  • Single-family homes were 75% more expensive than condos in this period vs. 77% a year ago. From 1988 to 2011, the average house/condo gap was 58%.
  • Builders’ new homes sales were 5% of all residences sold in the period vs. 6% a year ago. From 1988 to 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 $517,500 +10.2% 2,253 +28.6% 1.0%
Condos $295,000 +11.3% 953 +29.3% 11.5%
New $606,000 +1.3% 164 +8.6% -67.9%
All O.C. $450,000 +7.4% 3,370 +27.7% -6.3%

 

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