Orange County Real Estate Blog

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Orange County Real Estate Stats – June 2015

June 8th, 2015 by Joe Van Fossen

Here are some interesting Orange County Real Estate stats from my friend Ed Hlavac at Summit Funding:

Did you know that April 2015 represented the second fastest selling month since April 2006? Did you also know that Orange County is the healthiest market in Southern California? We are within 7% from our high water mark for home prices that were established in August 2007. With fewer distressed properties (3%) and low unemployment (4.4%), we are positioned for a great summer selling season.
Below is a recap of our current Orange County Real Estate Marketplace, effective 6/8/2015 versus one year ago.

Prices
Resale Homes +3.1%, Resale Condos +1.0% and New Home Sales +8.5%
All totaled, OC home values are up 1.7% versus last year

Sales Volume
Resale Homes +11.6%, Resale Condos 18.3% and New Home Sales -24.7%
All totaled, OC sales volume is up 9.6% versus last year

Facts
Median Home Price is $600,000 versus $590,000 a year ago
Sales Volume is 3,458 versus 3,155 a year ago
Average Home Payment is $2,773.95 versus $2,718.47 a year ago
Inventory of homes for sale, 6,104 versus 5,693 just one month ago
Medium price per square feet, $375, 3.9% higher versus last year
Average Days on Market 2.0 months (60 days) it’s a Seller’s Market!
$1m+ homes now represent 34.6% of all OC home listings
Hottest home price market: $250 to $500k, average 34 DOM
Warm home price market: $500 to $750k, average 39 DOM
Coolest home price market: $4m and up, 240 DOM
Santa Ana has the highest rent versus income in OC (48%)
Aliso Viejo has the lowest rent versus income in OC (31.7%)
California housings costs are 2 ½ times higher than the national average
California is the world’s 7th largest economy, mostly due to real estate
California home ownership is 48th out among all 50 states…

Need a lender? You can reach Ed at ehlavac@summitfunding.net or (714)619-5604.

If you need a real estate agent in Orange County, you can reach me at joe.vanfossen@gmail.com or (714)584-7154

JUST REDUCED! Chino homes for sale – 4539 Carmen St

May 14th, 2015 by Joe Van Fossen

I just wanted to blast out a quick update for home buyers looking in Chino. My clients’ beautiful listing just had a major price reduction to $589,000 and it’s priced to sell quickly. Get in touch to make an appointment to see it before it’s gone!

Chino homes for sale – 4539 Carmen St

chino homes for salechino homes for sale2

Downtown Anaheim’s revitalization

October 23rd, 2014 by Joe Van Fossen

Over the past few years downtown Anaheim has been experiencing a major renaissance. The resurgence of downtown Anaheim is being fueled by a mix of new development, restoration and repurposing of old commercial/industrial space (1, 2), and renewed interest in historic homes. It’s a perfect storm that’s helping to bring downtown Anaheim back to its glory days.

Anaheim has a lot of history. It was the second city to be incorporated into Los Angeles County (after Los Angeles) in 1876. With over 150 years’ worth of history, Anaheim has a lot of stories to tell if you know where to look. One of my favorite recent restoration projects has been the Anaheim Packing District. Both the Packard Building and the Packing House have been completely rejuvenated into the bustling new hub of Downtown Anaheim’s culinary scene.

anaheim packard building

Packard Building circa 1926 (top), 2010 (middle), today (bottom)

I haven’t tried everything yet, though I plan to. For now, I highly recommend Umami Burger, Black Sheep, The Chippy, The Kroft, and Popbar.

Moving on from my gluttonous obsessions… Anaheim is also a great place to find wonderfully preserved historic homes. The city participates in the Mills Act tax abatement program, which helps homeowners of well-maintained historic homes keep their property taxes low. In fact, right now there’s a cute, little craftsman-style bungalow on the market just a few miles down the street from the packing district:

This owner of this home is already participating in the Mills Act program, which is transferable to the new owner. If you’re interested in this or other historic homes in Orange County, get in touch with an expert OC real estate agent today.

Aside from the excellent preservation and restoration projects going on downtown, there’s plenty of new development and entertainment options already there and to look forward to. I’ll definitely be keeping my eye on the great new projects and listings in Downtown Anaheim.

SoCal September home sales hit 5-year high

October 16th, 2014 by Joe Van Fossen

Combined Sep 2014 Sales in Newport, DTLA, Diamond Bar, and Yorba Linda

Sep 2014 Sales in OC and LA

Continuing on my post from yesterday, we just got data in from CoreLogic DataQuick that shows September home sales at a 5-year high in Southern California. According to the report, net sales in the counties of Orange, Los Angeles, Riverside, San Bernardino, Ventura, and San Diego have risen 1.2% over September 2013. That represents a 5-year high of 19,348 new and resale houses and condos sold.

Naturally, I was compelled to do some more targeted research in some of my favorite areas in OC and LA county. Here’s what I came up with:

Yorba Linda home sales (single family/condo/townhome):

Month/Year         Number of Sales               Sale Price (median)

Sep 2013                          81                                     $660,000
Sep 2014                          80                                    $729,950

Yorba Linda bucks the regional trend with a sales decrease of just over 1%, or by exactly 1 home. I’m including condos and townhomes in today’s post, so my median sale price numbers will be slightly different from yesterday’s.  Even with the added data, Yorba Linda home values had a healthy increase of 10.5%.

Diamond Bar home sales (single family/condo/townhome):

Month/Year         Number of Sales               Sale Price (median)

Sep 2013                          64                                    $541,000
Sep 2014                          46                                    $622,500

Diamond Bar suffered a significant drop in sales this September, down about 28% from last year. However, home values in Diamond bar have increased about 15% during the same period.

Newport Beach home sales (single family/condo/townhome):

Month/Year         Number of Sales               Sale Price (median)

Sep 2013                          61                                    $1,650,000
Sep 2014                          65                                    $1,460,000

Newport Beach had a busier September this year with about a 6.6% increase in sales. However, home values in Newport Beach have taken a hit at 11.5% lower than last year’s sales. Newport followed the broader market in terms of sales, but reversed the sale price trend–remember from yesterday’s post, SoCal prices have gone up 8.1% across the board. This shouldn’t be too shocking, though, since luxury markets don’t always follow broader market trends. For the record, when adjusted to single family homes only Newport Beach had a modest value gain of about 2% and a 6.5% increase in sales.

Downtown LA home sales (single family/condo/townhome):

Month/Year         Number of Sales               Sale Price (median)

Sep 2013                          41                                    $412,000
Sep 2014                          46                                    $486,500

Downtown LA has been having a bit of a renaissance in the past couple of years and their trend numbers are looking good. Home sales are up about 12% and Downtown LA home values are up 18%.

—-end stats—-

Again, I just took a small sample to see how well it lined up with the broader market data. Yorba Linda seems to follow the general sales trends in SoCal fairly closely, while the others are quite a bit off. Also, while I find the numbers to be interesting, they really don’t say much without context. Outside factors, such as inventory levels, increased new construction, etc. can greatly impact pricing and sales.

September homes sales data in OC

October 14th, 2014 by Joe Van Fossen

OC and LA County home sales data 2014

OC and LA County home sales data 2014

I was listening to the radio this morning when they did a story on the Southern California real estate market. They read off some basic sales data that comprised the counties of LA, Orange, San Bernardino, Riverside, Ventura, and San Diego. The conclusion is that the market is up 8.1% from last year (September 2013 vs. 2014) and that home sales are historically low for September. It was a pretty quick and easy soundbite that didn’t really provide much in-depth insight or analysis.

I decided to go ahead and run my own reports to see where we’re at in specific cities across OC and LA county. This is what I found:

Yorba Linda homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 54                                            $699,500
Sep 2014                 61                                            $825,000

By those numbers, the median sales price in Yorba Linda is up nearly 18% over 2013 and with days on market increasing about 13%

Fullerton homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 42                                            $520,000
Sep 2014                 60                                            $550,000

In Fullerton, days on market increased nearly 43% while sales price increased about 5%

Brea homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 49                                            $668,000
Sep 2014                 53                                            $605,000

Now in Brea, days on market increased only about 8% and, bucking the trend, sales price actually decreased by a whopping 9.4%

Irvine homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 53                                            $907,000
Sep 2014                 68                                            $959,800

Irvine days on market increased about 28% and sales price actually upped by 5.8%

Diamond Bar homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 30                                            $600,000
Sep 2014                 51                                            $798,000

Diamond Bar’s days on market nearly doubled with an increase of 70% and also had the highest gain (from this list) in median sales price at 33%

Walnut homes sales (single family):

Month/Year    Days on Market (median)    Sale Price (median)

Sep 2013                 48                                            $635,000
Sep 2014                 54                                            $720,000

Walnut had a days on market increase of 12.5% and posted a median sales price gain of about 13%

———end stats——–

So what is one to make of this data? Clearly, the numbers are all over the place, and this helps to illustrate just how “local” real estate is. It is important to understand the broader market and the overall trends, but that only gives you a small glimpse into what’s going on in real estate. Targeted, hyper-local data is the key to real knowledge and understanding of your local market. You may be pleasantly surprised to hear prices are up over 25% in your neighborhood or disappointed to find out they’ve gone down 3% over last year.