Orange County home prices continue to strengthen according to the following OC Register article.
O.C. home median price at 21-month high
June 4th, 2010, 9:09 am · posted by Jon Lansner
For the 22 business days ending May 18 – DataQuick’s latest real estate buying report — Orange County saw …
For the 22 business days ending May 18 Slice Price Yr. ago Sales Yr. ago Houses $515,000 +15.7% 1,935 +7.0% Condos $295,000 +13.5% 926 +18.9% New $640,000 +34.9% 195 +61.2% All O.C. $440,000 +12.8% 3,056 +12.8%
- $440,000 median selling price that is up 12.8% vs. a year ago yet -32% below June 2007’s peak of $645,000.
- A median of $440,000 was last seen in Orange County in August 2008.
- The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was 43% below the peak.
- The median selling price of an Orange County single-family home is 30% less than their peak pricing (June ‘07) while condos sell 37% below their peak in March 2006. Builder prices for new homes are 26% below their February ‘05 top.
- Single-family homes were 75% more expensive than condos in this period vs. 71% a year ago. From 1990-2008, the average house/condo gap was 58%.
- In this most recent period, Orange County shoppers bought 3,056 residences — that is +12.8% vs. year-ago buying activity. This current sales pace is 85% of the average 3,597 homes sold per month in the 20 years ended in 2009.
- Builders’ new-home sales were 6% of all Orange County residences sold in the period vs. 4% a year ago. From 1990-2009, builders did 14% of the selling.
via O.C. home median price at 21-month high – Lansner on Real Estate : The Orange County Register.
What are your thoughts?
