There’s a lot of opinions out there on how are local Orange County Real Estate market is reacting to the news, to the new year, and to the economic recovery.
Here’s some interesting data, from DataQuick’s last report ending December 28th combined with the information from the Multiple Listing System ( MLS) for Orange County.
- A record level of investors are buying at bargain prices in Southern California. Investors: anyone who’s not purchasing a home as a primary residence, including vacation home buyers.
- Personal income in California is up 6.5 percent. Business inventories declined just as consumer demand took off, which will spur production.
- Hiring is starting to heat up.
- 25 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -4.8% vs. a year ago. And for the South Orange Countyzip codes, most where down vs a year ago.
- Taking sales volume into consideration, home-sale pricing is up in zip codes representing 25% of the Orange County market.
- Of the 29,000 homes sold in Orange County in the past year, more than 7,840 sold for $300,000 or less ( one in every four homes)
- 73 percent of the homes sold under $300,000 were condos and 37 percent, houses.
- Only 7 percent of the homes sold for $1 million or more. Of those, nine sold for $10 million and above.
- The highest price paid for an Orange County home in the past 12 months was $18 million in Crystal Cove.