O.C. home prices up 3.4% from year ago - Lansner on Real Estate ...

O.C. home prices up 3.4% from year ago

September 1st, 2012, 4:00 am ? ? posted by Jon Lansner

Little sign of a mid-summer cooling for the local real estate market. Highlights of DataQuick?s Orange County homebuying report. For the 22 business days ending August 15 ? the latest numbers ? Orange County?s real estate market saw ?

• Median selling price for all residences of $450,000 ? that is up 3.4% vs. a year ago.
• Total Orange County sales of 3,117 residences closed in the latest period ? that is up 15.6% vs. a year ago.
• Resales of single family homes were up 20.6% vs last year; condo sales rose 15.0% vs. year ago. Builders? new homes sales were 34.5% lower in the same period.
• Note: 37 of 83 Orange County ZIPs had both rising sales and prices in the period. Is your ZIP one of those neighborhoods? To see, CLICK HERE!

CHANGING MOODS?|?TREND INFO?|?ZIP-BY-ZIP RESULTS

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 23% higher ($418,250 in January 2009); condo median is 19% higher ($252,000 in March 2009.) Builder prices for new homes are 38% above June 2009?s $424,000 bottom.
• The median selling price of a single-family home is 30% less than their peak pricing (June ?07). Condos sell 36% below their peak in March 2006. Builder prices for new homes are 32% below their February ?05 top.
• Single-family homes were 71% more expensive than condos in this period vs. 86% a year ago. From 1988-2011, the average house/condo gap was 58%.
• Builder?s new homes sales were 4% of all residences sold in the period vs. 6% a year ago. From 1988-2011, 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	$515,000	+3.1%	2,146	+20.6%	-3.8%
Condos	$301,000	+12.3%	861	+15.0%	0.7%
New	$586,000	+6.6%	110	-34.5%	-78.5%
All O.C.	$450,000	+3.4%	3,117	+15.6%	-13.3%

For some real estate context ?

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MARKET TRENDS

LUXURY HOMES

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Source: http://lansner.ocregister.com/?p=165924

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