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Old 04-18-2010, 02:12 PM
 
11,715 posts, read 40,438,984 times
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Orange County Home Prices and Heat Map - Trulia.com

The map shows listing prices or selling prices by zip code (click the links right above the map) along with a table. So many zip codes, particularly in south county, have a major disconnect between the average asking and median sales price. I wonder what the average days on market is for these zips. How much longer can people hang onto their 2006 asking prices before reality runs them over like a tank?
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Old 04-18-2010, 08:11 PM
 
Location: Duvall, WA
1,677 posts, read 6,850,813 times
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Yeah, I've been looking at real estate, and the prices do seem unreasonably high considering the economy. Up here in WA where we've lived the last 3 years (we're moving back to CA in June) we've seen the condos across the street from us drop over $100K in price. We were hoping for similar luck in Orange County, but it doesn't look like it. We're going to wait until 2011 when there's supposed to be another huge wave of foreclosures, and try our luck then.
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Old 04-19-2010, 01:22 AM
 
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People wanting to buy at a reasonable price(3-4x income) may have to wait several years for the market to ultimately complete its correction.
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Old 04-19-2010, 08:46 AM
 
Location: Bella Vista, Ark
77,771 posts, read 104,672,365 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Orange County Home Prices and Heat Map - Trulia.com

The map shows listing prices or selling prices by zip code (click the links right above the map) along with a table. So many zip codes, particularly in south county, have a major disconnect between the average asking and median sales price. I wonder what the average days on market is for these zips. How much longer can people hang onto their 2006 asking prices before reality runs them over like a tank?
great post and question...Even though I don't buy what one person (name shall remain unmentioned right now) said about prices being down 75% in 2 years, you certainly are right about the change in the past 4 years. My understanding from relatives and friends the prices have probably dropped (depending on the area and price range) about 30 to 50%.

Nita
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Old 04-19-2010, 10:29 AM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,729,143 times
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Lots of things I've been reading:

People are paying these prices and buying these homes in fact, some places in south OC have a pretty low “market time” (supply of homes for sale vs. new purchase deals inked in past month). Homes prices under $1M in OC have an average market time of two months.

Foothill homes hardest to buy in O.C. - Lansner on Real Estate : The Orange County Register

Median prices are used a lot in the following articles but the argument is median goes up because the mix moves to a higher percentage of higher priced homes, even though all prices have gone down, still:

Homebuying up 52% at beach, south O.C. - Lansner on Real Estate : The Orange County Register
Home prices up in all 6 SoCal counties - Lansner on Real Estate : The Orange County Register
Home prices up in 3 out of 4 O.C. ZIPs - Lansner on Real Estate : The Orange County Register
O.C. home prices up 12% - Lansner on Real Estate : The Orange County Register
Your ZIP? Home price up in 61% of O.C. - Lansner on Real Estate : The Orange County Register
$129,850 income needed to buy O.C. home - Lansner on Real Estate : The Orange County Register
Demand for O.C. homes at 9-month high - Lansner on Real Estate : The Orange County Register
Dove Canyon hardest place to buy a home - Lansner on Real Estate : The Orange County Register

Finally, the median sold SFR $/sqft for 92688 (RSM for example) is exactly the same now as it was a year ago. It's actually higher this year than last year for 92694 (Ladera Ranch, ground zero for OC short sales).

Last edited by Charles; 04-19-2010 at 10:40 AM..
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Old 04-19-2010, 11:41 AM
 
Location: South Bay
7,226 posts, read 22,187,529 times
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i've had my eyes on socal real estate for the past couple of years looking for a good time to take the plunge. although i'm not concerned about prices really heading up anytime soon (but i do worry about interest rates), i'm also not expecting another decline in prices. the government was able to stabilize the market with a number of policies and demand for the area still remains high even with 12%+ unemployment in the state. it seems that foreclosures will continue to remain at above average numbers, but at the rate they're being released by the banks, i wouldn't count on a 'wave' of foreclosures that will bombard the market, even though that would be great for me.
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