OC Register, November 14th, 2011
| For the 22 business days ending October 27 | ||||
| Slice | Price | Yr. ago | Sales | Yr. ago |
| Houses | $460,000 | -7.3% | 1,698 | +3.1% |
| Condos | $270,000 | -3.9% | 675 | -6.3% |
| New | $582,000 | +6.1% | 169 | -19.5% |
| All O.C. | $410,000 | -6.8% | 2,542 | -1.4% |
For the 22 business days ending October 27 — Data-Quick‘s latest home-buying report — Orange County saw …
- A median home price of $410,000, down 6.8% vs. a year ago.
- If the final figure for October remains at $410,000, it will be the lowest median price — or price at the midpoint of all sales — in eight months.
- The last three times the median was at $410,000: February, December and May 2009.
- The most recent median is 36% below June 2007′s peak of $645,000. But it’s 11% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 15% of the $275,000 price drop from the peak.
- O.C. shoppers bought 2,542 residences — that is down 1.4% vs. year-ago buying activity. This current sales pace is 29% below the average of 3,597 homes sold per month in the 20 years ended in 2009.
- Single-family homes were 70% more expensive than condos in this period vs. 77% a year ago. From 1990-2009, the average house/condo gap was 58%.
- Builder’s new homes sales were 7% of all residences sold in the period vs. 8% a year ago. From 1990-2009, builders did 14% of the selling.
Summary, homes are still selling and within each market cycle, there is opportunity. Please call me if you would like to sit down and discuss a new strategy and how I can support your efforts…
