BanCorp Real Estate Group Interprets Market Intelligence on Orange County Housing Market Released by Data Quick

Posted by Greg Steinaker on Monday, December 16th, 2013 at 11:55am.

Orange County Home Sales Drop; Median Orange County Price Jumps Nearly 25%

The Orange County housing market slowed down last month as buyers were still having a hard time dealing with the high prices of South Orange County homes combined with the dwindling inventory, although the median sales prices in South Orange County were nearly 25 percent higher than a year ago.

A total of 2,632 new and resale house and condo’s sold in Orange County last month. That was down 8.60 percent from 2,879 sales in November 2012, according to San Diego based Data Quick.

The median price paid for all new and resale houses and condo’s sold in the Orange County region last month was $560,000, up 24.40 percent from $450,000 in November 2010. The median sales price has risen on a year-after-year basis for twenty consecutive months and these gains have been double digit over the past 16 months.

“November sales were pretty underwhelming. The exact cause is tough to pinpoint, but we see likely culprits: The inventory of homes for sale still falls short of demand. Also, any pullback in home buying during the early-October fiasco in Washington D.C. would have undermined November closing, and we know invest and cash buying continued to drop,” said John Walsh, DataQuick president.

 

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