Wondering about the status of Orange County’s real estate market? As we have been sharing over the last months, it is improving! In fact, in 2012, 3,631 Orange County homes sold for $1 million or more, the highest number since 2007. This number is up 34% from 2011’s million-plus sales. Throughout the state, million-plus home sales increased 27% to 26,993, vs. an 8& increase for sales in all price ranges. This means that more buyers with more money to spend are taking advantage of interest rates and great properties. To this point, almost 30% of California buyers (a record number) paid all cash for their homes.

In addition, four of Orange County’s most well-known ZIP codes ranked among 25 in California with the most million-plus sales: Newport Beach, Newport Coast, Laguna Beach, and Corona del Mar.  We believe that these rising home prices and record number of cash purchases indicates= a recovering Orange County real estate economy.

Top O.C. home sales of 2012
Rank Address City Sale Date Sale Price
1 2692 Bayshore Dr. Newport Beach 9/13/2012 $22 million
2 3 Montage Way Laguna Beach 9/13/2012 $20 million
3 1 Pelican Hill Road N. Newport Coast 6/29/2012 $19.4 million
4 819 Via Lido Soud Newport Beach 8/1/2012 $18 million
5 3 Camel Point Dr. Laguna Beach 12/31/2012 $17.5 million
6 168 Emerald Bay Laguna Beach 7/5/2012 $16 million
7 103 Shorecliff Rd. Corona Del Mar 4/23/2012 $15 million
8 107 Shorecliff Rd. Corona Del Mar 2/9/2012 $14.5 million
9 40 Deep Sea Newport Coast 11/7/2012 $14.3 million
10 2529 South Coast Hwy. Laguna Beach 12/26/2012 $14 million
10 887 Cliff Dr. Laguna Beach 6/14/2012 $14 million
12 44 Blue Heron Irvine 3/5/2012 $12.8 million
13 2495 Ocean Blvd. Corona Del Mar 6/12/2012 $11.8 million
14 1604 South Bay Front Newport Beach 10/22/2012 $11 million
14 9 Avalon Vis. Newport Coast 3/8/2012 $11 million
16 1 Shell Newport Coast 2/25/2012 $10.9 million
17 1220 West Bay Ave. Newport Beach 9/29/2012 $10.5 million
18 2137 Bayside Dr. Corona Del Mar 3/30/2012 $10.2 million
19 7 Troon Dr. Newport Beach 11/13/2012 $10 million

2012’s pace of luxury home buying in Orange County was the fifth-highest of the last 12 years, an increase our hard-hit real estate economy needed.

Not surprisingly, Orange County accounted for 1/4 of all million-plus home sales in Southern California’s seven counties and was second only to Los Angeles County — which has three times Orange County’s population — in million-plus sales in the region.

Orange County had at least 20 homes that sold for $10 million or more last year, the priciest of which was the waterfront

Fun fact: California’s largest million-plus home sold last year was a 20,248 square-foot, seven-bedroom, 13-bathroom mansion in gorgeous Bel Air.

Newly-built homes in Orange County accounted for almost 5% of last year’s $1 million-plus sales, down from 5.9% in 2011. Condo sales made up 9.2%.

The median price paid per square foot for all million-dollar homes in Orange County in 2012 was $641, up 5.5% from $607 in 2011. For the overall California real estate market, the square-foot median was $162 last year.

If you are interested in purchasing one of Orange County’s beautiful million dollar plus estates, contact the experienced real estate team at The Marquis Group. With over 25 years in the business, Cheryl Marquis and her team will find you your dream home in the OC.

For more Orange County real estate news and happenings, follow Cheryl on Twitter @CherylSellsOC or check her out on Facebook at CherylSellsOrangeCounty.