| SoCal | Sales | %Chg | Price | %Chg |
|---|---|---|---|---|
| Los Angeles | 6,274 | +43.9% | $360,000 | -31.4% |
| Orange | 2,667 | +62.3% | $425,000 | -25.4% |
| Riverside | 4,551 | +106.1% | $237,500 | -36.8% |
| San Berdoo | 2,831 | +87.6% | $205,000 | -36.9% |
| San Diego | 3,366 | +56.4% | $328,000 | -30.2% |
| Ventura | 808 | +38.8% | $385,000 | -29.4% |
| SoCal | 20,497 | +64.6% | $308,500 | -33.2% |
Orange County’s not alone in SoCal in seeing a big homebuying rebound from September 2007. DataQuick reports …
- Sales in the 6-county SoCal region shot up an “unprecedented” 65% in a year. Last month’s sales were the highest for any month since December 2006.
- Yet, last month was the second-lowest September since 1996 and 17% below the 20-year sales average.
- 50% of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year vs. 45.5% in August and 12.6% in September ‘07.
- Orange County (36.8%) had the fewest foreclosure-linked sales; then LA (39.1%); Ventura (44%); San Diego (47.3%); San Bernardino (63.1%) and Riverside at 68.9%. percent in Riverside County.
- Foreclosures helped push SoCal’s median selling price down to $308,500, lowest since May 2003 and 39% below peak $505,000 reached in spring and summer of ‘07.
- “The pitifully low September 2007 sales numbers weren’t tough to beat. More impressive was that this September’s sales volume bucked the seasonal norm and rose above August,” said John Walsh, MDA DataQuick president. But he noted: “Over the next few weeks our sales data will begin to show how the meltdown in financial markets this fall has impacted housing demand.”
Here’s what you need to know about O.C. housing …
- September’s O.C. homebuying rebounded at fastest pace in 20+ years
- Banks seized fewer O.C. homes in September
- Number of O.C. distressed properties for sale is down
- Pending deals to buy O.C. million-dollar homes tumbling
- O.C. sees smallest rent hikes in 6 years
- Double-digit rent increases coming to O.C.?
- Sales rose 35 % in Huntington Beach for September
- Irvine may let Lennar off the hook for runway demolition
- VOTE: Tell us, ‘Is housing’s bottom near?’
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I read the OC article about the Great Park. Isn’t interesting to think about what would have happened to the OC economy if El Toro had become an airport instead of a “Great Park”? Can you spell “economic boom”?
Bruce is right. We should move forward and expand John Wayne. We could even try to fit in a second runway. Newport Beach residents needn’t worry — it is for the economic good of the county!
DQNews OC price per square foot data for resale homes. (Again, this only takes into account RESALE HOMES and not new homes).
2006 $/SqFt
$444/sq-ft = June
$433 /sq-ft = July
$435/sq-ft = September
$420/sq-ft = November
2007
$427/sq-ft = January
$420/sq-ft = February
$418/sq-ft = March
$424/sq-ft = April
$415/sq-ft = May
$419/sq-ft = June
$413/sq-ft = July
$404/sq-ft = August
$379/sq-ft = September
$381/sq-ft = October
$369/sq-ft = November
$353/sq-ft = December
2008
$345/sq-ft = January
$335/sq-ft = February
$330/sq-ft = March
$322/sq-ft = April
$318/sq-ft = May
$318/sq ft = June
$307/sq ft = July
$302/sq ft = Aug
Looks like prices have dropped from $444 to $302 per sqft - which calculates out to a 32.0% drop in prices since June 2006. When comparing versus price per square foot data the median price has been a lagging indicator of the real drop in home prices.
I will post the Sept data when it comes out this weekend.
I thought that they shouldn’t do anything with the airport for ten years and then see what the people of OC might want. But no, idiots.
Fascinating that someone was pointing out how Santa Ana and Gardena were leading the sales boom. With 50% of all sales being foreclosures, I don’t know why that should be such a shock.
Are connecting the dots really that difficult? If 80% of foreclosures are occurring in those neighborhoods, and banks are dumping properties at “below market” prices, wouldn’t it make sense that those would be the top selling areas?
I went back to look at our old haunt: Anaheim Hills 92807. Prices are still really high there. We bought a 2500 sq ft home 4/2.5 with pool and 3 car garage on an 8,000 sq ft lot on a nice cul de sac for $401K in April 2002. We sold it for $795K in Aug 2005. We have been renting since, only because we moved to NorCal and weren’t successful on buying a house. No brains involved in that one; just serendipity.
Prices have fallen about $100K-$150K max that I can tell in our old haunt. But they seem like they still need to fall about another $100K before they get back to current “market” given the rental income they can command.
All bets are off if we get huge inflation instead of deflation however. To me that’ the biggest bug-a-boo in this whole market.
I just noticed that Downey Savings is no longer doing wholesale loan brokerage business. Are they still in biz?
The worst has yet to come. Save your money for raining days. Leave housing market to “Investors.”
There are always knife catchers in a housing downturn. I think we still have another leg down (i don’t know how if it’s another 10% or 20% or more) with the new lending standards that will be requiring some sort of downpayment from borrowers and actual requirement to prove income.
The higher end areas are going to suffer even more as these forclosed properties sell. No move up buyers this time.
Regarding the square foot data. Yes, a 200K home is not a 900K home. To say that it is cheap because it is now listed at 600K is kind of silly.
Even in a great economy, and that is not in the cards anytime soon, 400K would be a reasonably high price.
Home prices could drop 66% in OC. That is what people really don’t want to admit.
Look for the move-down buyers as folks move back to the homes they can actually afford!!
savinginla…excellent information.
Median is dog food only and in this economy not only worthless, but truly misinformation.
Per square foot by region is the real gauge…if you strip out the truly exclusive coastal cities (the entire world is their market), you get very accurate numbers for OC proper.
Quail, Dove, Ladera, Talega and a few other top notch areas have homes listed from 500/sq (on the market for over a year) to under 200/sq foot…back to circa 2003.
in fact if we just go back 8 years to the year 2000, the records indicate that homes that were 3000-3500 sq feet in these areas went for around 500k…we WILL get there, anybody purchasing not in accordance with these rules is simply dragging out the pain.
Anyone that is buying in these areas at over 200/sq foot is in it for the VERY LONG haul…
Areas like RSM, MV, Tustin, CM, SJC, GG will be in the 150 range…I do not travel to Santa Ana so who knows there?
Isn’t this exactly how we got into this mess, stupid greed driven tards who bought with no research of the bubble or they unavoidable plunge who bought listening to the sage advice of Realtors and stupid gullible neighbors? Now we have houses that were for example 200k that went to 650k now in foreclosure for 350….this is NOT a DEAL people. These are just a new wave of knife catchers who are now empowered with the bail out knowledge, before it was no money down, now it is no worries the treasonous socialist Republicans and Dems will come to their rescue so 0% risk.
We deserve everything we got coming.
OC for the most part is very racist, redneck, conservative…too bad REAGAN is not around to see his no government intervention BS lead to today’s fiasco.
The end is near! Don’t Buy!
http://www.echelberger.com/talegainfo/The%20Green%20Sheet/NEW%20GREENSHEET%2010-05-08.pdf
We just got a flier on our door today that claims that all the listings in our neighborhood went into escrow and the RE agent has 7 qualified buyers 3 of which are investors and will allow you to live in your home at a lower monthly payment.
All the houses in Cazadero went from sitting on the market for months to all going into escrow in DAYS with lines of other people wishing others to sell here. Cazadero was the lowest price per square foot in talega at 231 to 299 per square foot w/3800+ square feet.
SHOCKING!
DigDoug: SO… where was the listing under $200/sqft that you saw? Do you have an address or specific info?
“This is the end my friend.”
One way or the other!