O.C. Homebuyers Paying 16% More
Monday, May 17, 2010
As reported by the OC Register
| Slice | Price | Yr. ago | Sales | Yr. ago |
|---|---|---|---|---|
| Houses | $504,000 | +18.6% | 1,638 | +4.0% |
| Condos | $298,000 | +19.2% | 812 | +8.0% |
| New | $610,000 | +25.3% | 114 | +16.3% |
| All O.C. | $435,000 | +16.0% | 2,564 | +5.7% |
- $435,000 median selling price that is +16% vs. a year ago … yet -33% below June 2007’s peak of $645,000.
- The most recent median is 18% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was 43% below the peak.
- Prices have risen on a year-over-year basis since September after falling from Sept. 2007 through August 2009.
- Single-family homes resell for 31% less than their peak pricing (June ‘07) while condos sell 37% below their peak in March 2006. Builder prices for new homes are 29% below their February ‘05 top.
- Single-family homes were 69% more expensive than condos in this period vs. 70% a year ago. From 1990-2008, the average house/condo gap was 57%.
- In this most recent period, O.C. shoppers bought 2,564 residences — that is +5.7% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
- Builder’s new homes sales were 4% of all residences sold in the period vs. 4% a year ago. From 1990-2008, builders did 15% of the selling.
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