Source: OC Register, November 8th, 2011
| MOOD RING (Green’s hot; red’s not … yellow in between!) | ||||
| Slice | Price | Ch. | Sold | Ch. |
| House | $485,000 | -7% | 5,157 | +6% |
| Condo | $270,000 | -10% | 2,137 | -7% |
| New | $582,500 | -5% | 451 | +5% |
| All OC | $427,500 | -4% | 7,745 | +2% |
Highlights of Data-Quick’s Orange County home-buying report for 2011′s third quarter:
- Total Orange County sales of 7,745 residences closed in the latest period — that is up 2.1% vs. a year ago.
- The sales total is the third lowest since 1988 and 34% off the 24-year average for Orange County summers.
- Condos were the drag, with sales off 7 percent in a year. Re-sales of single-family homes rose 6 percent. Purchases of all newly built residents was up 5 percent.
- Home-buying activity was 4 percent below the 2011 spring quarter — on par with the 3 percent drops seen on average in this spring-to-summer period since 1988.
- Median selling price for all residences of $427,500 — off 3.9% vs. a year ago.
- $427,500 median selling price is 34% below June 2007′s peak of $645,000.
- Current price is 5.0% below 2010′s peak (May and July) of $450,000; 4% above end of 2010′s median ($410,000.)
- The most recent median is 16% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 21% of the $275,000 price drop from the peak.
- Compared to cyclical low, single-family house median is 16% higher ($418,250 in January 2009); condo median is 7% higher ($252,000 in March 2009.) Builder prices for new homes are 37% above June 2009′s $424,000 bottom.
- The median selling price of a single-family home is 34% less than their peak pricing (June ’07). Condos sell 43% below their peak in March 2006. Builder prices for new homes are 33% below their February ’05 top.
- Single-family homes were 80% more expensive than condos in this period vs. 74% a year ago. From 1988-2010, the average house/condo gap was 57%.
- Builders’ new homes sales were 6% of all residences sold in the period vs. 6% a year ago. From 1988-2010, builders did 14% of the Orange County home-selling.
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Regionally, our region-by-region analysis of local real estate trends finds Orange County home-buying slicing up by geography this way …
- 1,403 homes sold in beach cities’ 17 ZIP codes in the most recent period, +7% from a year ago. Median selling price? $685,000 in these 17 ZIPs. Median price change was -1.3% vs. a year ago. 1,727 homes sold in Orange County’s north-inland ZIP codes in this most recent period, +2% from a year ago. Median selling price? $437,000 in these 22 ZIPs. This most recent median price change was -8.9% vs. a year ago. Mid-county ZIPs — median selling price $354,500 — had 2,091 sales, +0.82% from a year ago. In these 25 ZIPs, the median price change was -6.3% vs. a year ago. South inland ZIPs — median selling price $463,500 — had 2,326 sales, -2% from a year ago. In these 19 ZIPs, median price change was -8.3% vs. a year ago.
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