Busiest O.C. Homebuying in 4 Years

I read this article in the Orange County Register and wanted to share it with you.  It represents exactly what the market has been like here in Saddleback Valley – Lake Forest, Mission Viejo and on.  I must say that it is a good time to be listing homes.  There are a lot of buyers right now and nice looking listings that are market right can sell within a few days and often even before they come on the market.  Right now I have 2 condo listings that might be coming up in the next few days.  If you are finding that a traditional real estate agent isn’t working to get you into escrow and you want to sign up for my “Free Home Securing Services”, let me know ASAP.  I have one opening this week for a buyer (and several spots for sellers).

For the 22 business days ending April 14 – DataQuick’s latest homebuying report — Orange County saw …

For the 22 business days ending April 14
Slice Price Yr. ago Sales Yr. ago
Houses $510,000 +20.0% 1,690 +10.1%
Condos $300,000 +20.0% 831 +13.5%
New $527,000 +17.1% 156 +48.6%
All O.C. $435,000 +15.4% 2,677 +12.9%
  • Shoppers buy 2,677 residences — that is +12.9% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
  • At the current pace, this will be the busiest April since 2006.
  • Builder’s new homes sales were 6% of all residences sold in the period vs. 4% a year ago. From 1990-2008, builders did 15% of the selling.
  • $435,000 median selling price that is +15.4% vs. a year ago and -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 fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)
  • 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 39% below their February ‘05 top.
  • Single-family homes were 70% more expensive than condos in this period vs. 70% a year ago. From 1990-2008, the average house/condo gap was 57%

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