Dataquick’s November stats show Orange County median home price are now at $400K…a 5 1/2 year low and a 34.4% decline year over year. Prices not seen since May of ‘03! Single family OC homes dropped to a median of $420K and condos are now at a median of $260.5K.
On the positive side sales popped up by almost 39%! This was mainly a result of banks dumping foreclosures on the market and bargain hunters and investors swooping in and buying. This was the fifth straight month of home sales increasing on a year-over-year comparison. A good sign! If sales continue to increase this will gradually soak up the inventory as long as foreclosures don’t increase at a more rapid pace than we had in 2008.
If you want specific statistics about your city, please email me at brad@so-cal-dreamhomes.com and tell me what city you would like a report for.
