As was the case in dozens of Orange County zip codes in the month of june, home sales were down in Laguna Niguel, one of South Orange County’s most desirable cities to live in. Only 93 homes sold in June in Laguna Niguel, vs. 110 in June 2010. Overall, there has been a 15.5% decline in home sales for the past year. Additionally, Laguna Niguel’s median home selling price was $504,000 — down 8% in the last year. Countywide, the median home selling price was $445,000, a number that has not changed over the last year.
Other Orange County cities have seen a dip in the sales prices of their homes over the past year as well. In fact, 55 of Orange County’s 83 zip codes had year-over-year sales declines in the period. Rancho Santa Margarita showed a drop of 4% in listing prices, with the median home selling for around $330,000. Additionally, there were 4 OC cities with medians under $250,000, as opposed to only 3 a year ago.
However, some OC cities are still doing very well. Newport Beach, for example, boasts a $4,400,000 median selling price. But don’t get too excited: current million-dollar ZIP codes were just 3% of all sales in the most recent period tracked. Santa Ana was the cheapest city, with a $137,500 median selling price. This is great news for all your real estate investors out there! The time to buy is NOW!
Overall, countywide sales were down 14.4% vs. a year ago. While this news might seem discouraging, do not despair! Our national road to recovery has been a bumpy one. Orange County real estate was greatly affected by the financial and real estate crisis, which means it might take us a little bit longer to return to stability. While the days of greatly over-valued homes are probably gone, this does not mean you can’t sell your home for a good price or find a perfect OC home to buy!
Contact Cheryl Marquis of Altera Properties TODAY if you are interested in buying or selling in the OC. Cheryl understands the Orange County real estate market and will make sure your home is competitively priced to sell!