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December 23, 2019

Orange County house hunters help SoCal median sales price hit record high

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Orange County house hunters help SoCal median sales price hit record high 1

Orange County homebuying rose and prices increased as Southern California’s median hit an all-time high in November.

Home sales in the county totaled 2,800 in November — up 5.1% in a year, CoreLogic/DQ News reported. Orange County’s latest sales count is 10% off the November average of 3,115 since 1988.

The countywide median selling price was $735,500 — up 2.5% over 12 months. The latest median is 0.6% off the county’s record high of $740,000 set in September 2018.

In six Southern California counties, 18,152 homes sold — up 5.6% in a year. The regional median selling price was $549,000 — up 5.6% over 12 months. That’s a record high, topping the old peak of $541,250 set in June.

Here are five things you should know about key market niches in the Orange County market in November …

1. Existing single-family houses: 1,675 sold, up 10.8% in a year. Median of $530,000 — a 3.5% rise over 12 months.

2. Existing condos: 672 sales, up 3.1% over 12 months. Median of $505,000 — a 1.6% rise in a year.

3. Newly built: Builders sold 453 new homes, down 9.4% in a year. Median of $950,500 — a 8.0% rise over 12 months.

4. Builder share: 16.2% of sales vs. 18.8% a year earlier. Orange County builders’ slice of the market ranks No. 2 among SoCal’s six counties.

5. Rank: How pricing in Orange County compared with Southern California’s five other counties: No. 1 overall; No. 1 for single-family resales; No. 2 for condo resales; and No. 1 for new homes.

Elsewhere in Southern California …

Los Angeles County: 5,814 sold, up 6.1% over 12 months. Median of $625,000 — a 4.2% increase.

Riverside County: 3,185 sales, up 3.1%. Median? $409,500 — a 5% increase.

San Bernardino County: 2,364 sold, up 2.3%. Median? $350,000 — a 6.1% increase.

San Diego County: 3,180 sales, up 8.4%. Median? $594,455 — a 5.2% increase.

Ventura County: 809 sold, up 14.6%. Median? $580,000 — a 0.9% increase.

ReportsOnHousing tracks brokers’ listing services to gauge how many existing homes are for sale and what housing is under a sales contract. Here are conditions as of Dec. 12 in Orange County …

Listed for sale: 4,546 residences, down 29% in a year.

New escrows: 1,949 in the previous 30 days, up 29% in a year.

Selling speed: 70 days of “market time,” down 57 in a year.

Source

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