Wow....we are just stuck in the mud!
http://lansner.ocregister.com/2012/03/10/o-c-home-prices-drop-5-5/159642/
Selling season discounting … or less sales of pricier new homes? Overall, Orange County home pricing looks weak.Highlights of DataQuick’s Orange County homebuying report. For the 22 business days ending Feb. 21 — the latest numbers — Orange County’s real estate market saw …
- Median selling price for all residences of $387,250 — that is off 5.5% vs. a year ago.
- Total Orange County sales of 2,244 residences closed in the latest period — that is up 6.3% vs. a year ago.
- Note: 20 of 83 Orange County ZIPs had both rising sales and prices in the period. Is your ZIP one of those neighborhoods? To see, CLICK HERE!
And more analysis ….
- $387,250 median selling price is 40% below June 2007′s peak of $645,000.
- Current price is 13.9% below 2010′s peak (May and July) of $450,000; 6% below end of 2010′s median ($410,000.)
- The most recent median is 5% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 6% of the $275,000 price drop from the peak.
- Compared to cyclical low, single-family house median is 6% higher ($418,250 in January 2009); condo median is -3% higher ($252,000 in March 2009.) Builder prices for new homes are 29% above June 2009′s $424,000 bottom.
- The median selling price of a single-family home is 39% less than their peak pricing (June ’07). Condos sell 48% below their peak in March 2006. Builder prices for new homes are 37% below their February ’05 top.
- Single-family homes were 82% more expensive than condos in this period vs. 59% a year ago. From 1988-2011, the average house/condo gap was 58%.
- Builder’s new homes sales were 5% of all residences sold in the period vs. 6% a year ago. From 1988-2010, builders did 14% of the Orange County homeselling.
Here’s the breakdown of recent activity by key category; included is how the latest results compare to the average monthly sales pace from 1988 through 2011:
Slice Price Price vs. year ago Sales Sales vs. year ago Sales vs. ’88-’11 avg.
| Houses | $445,000 | -5.3% | 1,462 | +10.6% | -34.4% |
| Condos | $245,000 | -16.9% | 672 | +3.1% | -21.4% |
| New | $545,500 | -6.0% | 110 | -19.7% | -78.5% |
| All O.C. | $387,250 | -5.5% | 2,244 | +6.3% | -37.6% |
Condo prices have now breached the old 2009 low!