Orange County Condos at 6 year high and other news

Here's some interesting numbers reported for the past month ( June 2012) in the OCRegister and other sources combined. For the most part, everything shows that there's more sales, at a higher price compared to last yeat's activity.

Looking back the past month ( June 2012) , we have seen an decent increase in the sales of Orange County condos. Basically in mid-June there were about 18% more sales than in 2011, and it was the fastest monthly rate of purchases since June 2006.

Here's some interesting stats:

  • Median selling price for all residences of $446,500 -- that is up 2.3% vs. a year ago.
  • Total Orange County sales of 3,317 residences closed in the latest period -- that is up 12.3% vs. a year ago.
  • Resales of single family homes were up 14.7% from 2011; condos were up 18.3%. Builders' new home sales fell 18.4%.
  • Condo sales are actually above their average sales pace -- by 8.7% -- from 1988 through 2011. The overall market is 7.8% below average
If we want to compare these numbers and stats to what the 'Big' numbers were back at the peak in 2007:
  • $446,500 median selling price is still 31% below June 2007's peak of $645,000.
  • Current price is 0.8% below 2010's peak (May and July) of $450,000 but 12% above the end of 2011's median ($400,000.)
  • The most recent median is 21% above the cyclical low hit in January 2009 at $370,000 -- so the median has recouped 28% of the $275,000 price drop from the peak.

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