South Orange County Median Home Prices December 2005

by Vincent Bindi on January 6, 2006

South Orange County Real Estate has been appreciating at a strong rate for 7 years running.  This blog will report on the median home price for detached homes and attached condos in all of south Orange County which incorporates all of the cities from Rancho Santa Margarita to Laguna Beach, and from Aliso Viejo down to San Clemente.

For the month of December 2005′, there were 325 detached homes sold in south Orange County and the Median price was $855,000.  The median price is considered to be a more representative measurement of typical home prices than the Average.  For December of 2004′ there we 440 detached homes sold with a Median price of $725,000.  This represents an appreciation rate of 17.9 %

For attached Condos, there were 254 Condos sold in December of 2005′ with a median price of $475,000.  For the month of December in 2004′ there were 350 Condos sold and the median price was $405,000.  This yields an appreciation rate of 17.2%.

The most expensive City in south Orange County is Laguna Beach with a median price of $1,653,000 for the month of December 2005′.  The more affordable cities in south Orange County are Aliso Viejo with a median price of $660,000 and Lake Forest with a median price of $677,000 for the month of December.

We have been tracking the current Months of Inventory for all of South Orange County for the past 3 years.  The current Months of Inventory is a very responsive indicator as to the current strength of the local real estate market.  2 to 4 months of inventory is considered to be a Sellers market, 4 to 6 months a Neutral market, and 6 or more months is a Buyers market.  In the past several months the market here in south Orange County has changed from a sellers market to a neutral market.  We expect the market to stay in this condition throughout most of 2006′ which will put the put the brakes on further price increases.  We foresee flat pricing to a modest appreciation of 3% to 5% for 2006′.

If you would like to view all homes for sale in Orange County in the MLS, visit our website at:  Orange County CA Real Estate.