Eugenia Piana, an industry colleague from C-21 Superstars, emailed an excellent summary about the recent trends in OC Home Prices. (Full article: OC Home Prices and Sales.)
The total number of sales for June (July is not available yet) was 3,608. There were 2,218 single-family resale, 968 condominiums and 422 new homes. The median price was up overall just 1.7% from last month and 7.1% from the same month of the previous year. One thing to remember on the median price is that 2,142 homes sold over $600,000 and only 1,408 sold under $600,000. In other words, more homes sold higher, but it doesn't mean they sold full price. They may have actually sold at an adjusted price perhaps 92% to 96% of list price. What that means is that numbers are deceiving in regards to median price. It's easy to think you should list your home for way over the last comparable sale because prices are rising. In actuality, many homes listed are getting price reductions because they started out listed unrealistically. Sales volume was up 15.9% overall from the previous month but off 26.3% from a year ago. But remember, last year and 2004 were banner years.
