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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. Is your ZIP one of those neighborhoods?
$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%