Interesting statistics from DataQuick about November home sales in Orange County. While the overall median price was off more than 31% from a year earlier, there was a 39% increase in the number of units sold. And if you take new construction out of the equation, resale activity was up over 50% from one year earlier.Some of the biggest bouncebacks were in the areas with the steepest price declines. For example:
* Tustin (92780) median price down 51%, sales volume up 230%
* Santa Ana (92707) median price down 42%, sales volume up 358%
* Stanton (90680) median price down 47%, sales volume up 111%
* Foothill Ranch (92610) median price down 24%, sales volume up 100%
What we see here is a trend that has been playing out around the country. The vast majority of foreclosures are at the lower price points. Consequently, many of the biggest price corrections have taken place in entry-level neighborhoods. And with increased affordability, investors and first-time buyers are the ones rushing back into the market and snapping up discounted homes.
In some of the higher-end communities, the price drops have not been as significant.
* Anaheim Hills (92808) median price down 2%, sales volume up 20%
* Dana Point (92629) median price down 6%, sales volume down 40%
* Ladera Ranch (92694) median price down 9%, sales volume up 12%
Of course, it’s more important to look at individual neighborhoods than larger communities, but there are some interesting generalizations which can be drawn. This is a professionals’ market, which is why it’s more important than ever for motivated buyers and investors to be working with us.
