Tuesday, January 3, 2012

Orange County’s median home selling price in mid-December fell below $400,000

While this is definitely not good news for the real estate market in Orange County as a whole, it is quite a "silver lining" if you are looking to purchase a home.
  • $399,000 median selling price is 38% below June 2007′s peak of $645,000.
  • Current price is 11.3% below 2010′s peak (May and July) of $450,000; 3% below end of 2010′s median ($410,000.)
  • The most recent median is 8% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 11% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 8% higher ($418,250 in January 2009); condo median is 3% higher ($252,000 in March 2009.) Builder prices for new homes are 25% above June 2009′s $424,000 bottom.
  • The median selling price of a single-family home is 38% less than their peak pricing (June ’07). Condos sell 45% below their peak in March 2006. Builder prices for new homes are 39% below their February ’05 top.
  • Single-family homes were 74% more expensive than condos in this period vs. 75% a year ago. From 1988-2010, the average house/condo gap was 57%.
  • Builder’s new homes sales were 7% of all residences sold in the period vs. 11% a year ago. From 1988-2010, builders did 14% of the Orange County homeselling.

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