Stacy’s Newport Beach & Real Estate

Newport Beach, Corona Del Mar & Coastal OC Real Estate

Orange County Home Gains – best in 4 years

The Orange County housing market is ending the year in style, with the fastest year-over-year appreciation in nearly 4 years.

For the 22 business days ending Dec. 9
Slice Price Yr. ago Sales Yr. ago
Houses $507,500 +18.0% 1,992 +14.8%
Condos $300,000 +13.9% 904 +23.2%
New $517,000 +2.6% 221 -16.9%
All O.C. $440,000 +10.0% 3,117 +14.0%

For the period ending Dec. 9 (includes 22 business days) – DataQuick’s latest homebuying report for Orange County revealed the following:  (1) $440,000 median selling price that is +10.0% vs. a year ago. March 2006 was the last time we saw faster appreciation.  (2) Latest median is -32% below June 2007’s peak of $645,000.  (3) 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 2007 peak.  (4) Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)  (5) Single-family homes resell for 31% less than their peak pricing (June ‘07) while condos sell 36% below their peak in March 2006. Builder prices for new homes are 40% below their February ‘05 top.  (6) In this most recent period, O.C. shoppers bought 3,117 residences — that is +14% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)  (7) November marked 16 out of 17 months with sales gains vs. the year-ago period. That followed 33 consecutive months where sales failed to beat the previous year’s pace.

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