Highlights of DataQuick’s latest Orange County homebuying report. For the 22 business days ending Jan. 10, our real estate market saw …
- Median selling price for all residences of $407,000 – that is down 5.4% vs. a year ago. The last time a full-month median was lower was May 2009. First time this current median was surpassed was June 2003.
- Total sales of 2,599 residences — that is up 0.8% vs. a year ago.
- Note: 15 of 83 Orange County ZIPs had both rising sales and prices in the period.
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 2010:
| Slice | Price | Price vs. year ago | Sales | Sales vs. year ago | Sales vs. ’88-’10 avg. |
|---|
| Houses | $469,000 | -6.2% | 1,565 | -3.7% | -30.7% |
| Condos | $275,000 | -6.8% | 772 | -1.7% | -10.3% |
| New | $460,000 | -25.1% | 262 | +56.0% | -50.2% |
| All O.C. | $407,000 | -5.4% | 2,599 | +0.8% | -28.7% |
And more analysis ….
- $407,000 median selling price is 37% below June 2007′s peak of $645,000.
- Current price is 9.6% below 2010′s peak (May and July) of $450,000.
- The most recent median is 10% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 13% of the $275,000 price drop from the peak.
- The median selling price of a single-family home is 36% less than their peak pricing (June ’07). Condos sell 41% below their peak in March 2006. Builder prices for new homes are 47% below their February ’05 top.
- Single-family homes were 71% more expensive than condos in this period vs. 69% a year ago. From 1988-2010, the average house/condo gap was 57%.
- Builder’s new homes sales were 10% of all residences sold in the period vs. 6% a year ago. From 1988-2010, builders did 14% of the Orange County homeselling.
information courtesy of ocregister.com