Orange County CA Real Estate

Orange County Real Estate CA. -- the Bottom may be near.

Vincent Bindi — Tue, 21 Oct 2008 16:04:11 -0700

There is lots of worry in the residential marketplace today in Orange County, Ca. Prices have dropped about 30% to 35% from their peak values that occurred in the summer of 2006'. But I see some signs that we may be reaching the bottom of this pricing downturn. How you may ask ?

First sign... I have been tracking the internal market stats for residential real estate in south Orange county, CA since July of 2002' on a weekly basis. I’ve been charting Months of Inventory, Active vs Pending and Price per Square Foot using our own proprietary indicators which are more time responsive by about 4 to 6 months then what is published by the traditional sources.(ie: Major Banks, Title Co's). The Months of Inventory is a very sensitive indicator that is a leads the movement of prices by about 6 months. The Months of Inventory dramatically dropped about 4 months ago, and if the rate holds, I expect prices to bottom out by the end of this year. Now this indicator does not have any long term predictive powers, and if interest rates where to dramatically rise, of the lending markets where to freeze up and become illiquid then all bets are off. (See Chart Below)

Orange County Home Prices Revealed

Vincent Bindi — Wed, 02 Jan 2008 08:32:49 -0800

There is much confusion and accidental mis-information about the current state of Home and Condo Prices in Orange County, CA. Part of the confusion results in the unique market conditions we are now in in which the lower end of the house pricing spectrum is more negatively impacted then the higher end. The accidental mis-information comes into play by the established organizations that report on housing prices (ie: DataQuick, Major Banks, Major Title Companies) who rely on Average and Median prices, versus Average Price per Square foot. When you couple to two events together, you wind up with some confusing housing price information.

We'll illustrate the conflicting numbers, and then hopefully give some clarity to the subject. But first some basic definitions. The Average for homes prices, is simply the sum total of the sales prices of all homes sold in a certain area (ie: Orange County, Santa Ana) during a certain period of time (ie: 12 months, 6 months, 3 months), and then dividing by that total number of homes sold.

The Median is determined by taking the same list of sold homes, and calculating the sales price at which half of the homes sold were below this price, and half of the homes sold were above this price. Although the Median is a bit harder to calculate, it is considered to be a bit more accurate representation, since the Average can be more easily skewed to the high side by a few very high priced homes sales during the period. Both of these calculations though, can give mis-leading representations when you have a change in buyer habits... which is exactly what is happening now in Orange County.

As an example of the confusion caused by Averages and Median in a changing market, take a look at this recent DataQuick report by the Orange County Register reporting Median home prices for all cities in Orange County. Buena Park is showing a 20% drop in prices, while Cypress is showing a 6% increase in the same time period. Dana Point shows a 21% increase in prices, while the adjacent city of Laguna Niguel shows a 10% drop during the same period. What gives ? Logic dictates that something is wrong with this type of statistical analysis. The misleading statistics are a result of looking at Median and Average prices, instead of Price per Square Foot, and also combining Condo sales with detached Home sales.

Below is a table of statistics that we gathered for the Average, Median and Price per Square Foot for the Past 3 months (Sept, Oct, Nov), and the same calculations for the same 3 month period 1 Year ago, for various Cities throughout Orange County, for detached Homes only (not including condos). As can be seen, some Cities show only a small drop in Average home prices, and others yield an increase in the Average price, but a decrease in the Median price... while a few other cities are actually reporting an increase of almost 17% to 35% in the past year in Average or Median prices. For instance, Dana Point and San Juan Capistrano are showing large increases in the Average or Median prices in the past 12 months. But ask anyone on the street, and they tell you this is preposterous. The actual truth about home pricing in these two cities (and the rest for that matter) are more closely revealed by looking at the Price per Square Foot which shows a 5.8% drop in Dana Point and a 10.5% drop in San Juan Capistrano.

Sept, Oct, Nov 2006'

City	Average	Median	Price per SqFt
Anaheim	600,565	585,000	416
Orange	763,933	690,000	404
San Juan Capistrano	936,449	766,000	421
Costa Mesa	826,849	743,500	488
Mission Viejo	737,033	689,900	378
Laguna Niguel	1,085,506	905,000	419
Fullerton	713,397	629,000	394
Dana Point	1,516,212	980,000	644
Irvine	953,457	800,000	431

Sept, Oct, Nov 2007'

City	Average	Median	Price per SqFt
Anaheim	514,599	495,000	341
Orange	722,213	607,000	348
San Juan Capistrano	1,236,999	1,039,925	377
Costa Mesa	759,597	720,000	443
Mission Viejo	730,547	639,000	347
Laguna Niguel	987,340	860,000	386
Fullerton	690,645	627,000	363
Dana Point	1,784,459	1,300,000	608
Irvine	974,121	760,000	413

Percent (%) Change in Past Year

City	Average	Median	Price per SqFt
Anaheim	-14.3%	-15.4%	-18.0%
Orange	-5.5%	-12.0%	-13.9%
San Juan Capistrano	32.1%	35.8%	-10.5%
Costa Mesa	-8.1%	-3.2%	-9.2%
Mission Viejo	-0.9%	-7.4%	-8.2%
Laguna Niguel	-9.0%	-5.0%	-7.9%
Fullerton	-3.2%	-0.3%	-7.9%
Dana Point	17.7%	32.7%	-5.6%
Irvine	2.2%	-5.0%	-4.2%

How can this be you may ask ? In the past 12 months, there have been fewer entry level buyers purchasing lower price detached homes using low down payment financing in Dana Point and San Juan Capistrano. While there has been a relativity larger percentage of higher income buyers purchasing larger - higher priced homes, but at sales prices substantially lower then they were 1 year ago.

The major reporting agencies (DataQuick, Banks, Title Companies) have relied upon Averages and Median prices for years since this data is easier to gather then Price per Square Foot, and is also easier for the average consumer to relate too. A newspaper Headline that reads "Average Home prices in Irvine have now reached $800,000" is a lot more eye catching then to say "Average Price per Square Foot in Irvine has now reached $433"... But as can been seen by the above tables, Averages and Medians can offer some very mis-leading conclusions about home prices during times of change in a marketplace.

Current Real Estate Conditions in Orange County, CA.

Vincent Bindi — Mon, 26 Nov 2007 16:19:01 -0800

We have been tracking the Months of Inventory in south Orange County, Ca. along with Active versus Pending sales, and Price per Square statistics, since July of 2002'. As most everyone is aware, the real estate market here is southern California has slowed down substantially compared to 2 years ago. Homes are setting on the market for sale much longer, prices has decreased substantially, and mortgage loan delinquencies have resin dramatically.

But in the midst of all of this bad press, we have noticed a very interesting trend... albeit a short term one. For the past 7 weeks, the number of homes Pending in escrow has been steadily increasing for homes priced less then $450,000. On October 8, 2007 there were 84 homes under contract in escrow in this price range in south Orange County, Ca. That number has steadily increased and now stands at 150 homes pending in escrow. That's an increase of 21% in the midst of all of the negative press, and the traditional seasonal holiday slow down in the local marketplace.

What is this due to one may ask ? Well it is certainly NOT due to "not ready for prime time" home buyers who are using zero down, stated income purchase money loans, for those loan programs essentially have been deleted from the marketplace. What we do see is the drop in home prices by about 10% to 15% that has occurred in the past 10 months, has resulted in seasoned prospective home buyers and investors now seeing some true values in the marketplace who are increasingly making offers to purchase. Will this continue throughout next year ? Well it may be too soon to draw any type of long term conclusions, but I think that this is a good early indicator.

Our charts of Price per Square foot for both detached SFR's and Condo's, has shown that the peak in home pricing occurred in May of last year at about the $407/SqFt level for detached homes. Prices have been slowly decreasing since that time to a level of $356/SqFt today for detached single family homes. This represents a decrease of 12.5%, and since closed sales prices are always a lagging indicator, and given the recent sales that I have seen in certain areas, I predict this number will show prices having already fallen to a level of 15% to 20% for certain areas and product types.

For more information about the local real estate market here in Orange County Ca., please feel to call us at: 949-388-3396 or drop us an email at: Info@SearchOCHomes.com or Text Message us at: (949) 283-4679.

Real Estate Market Stats for So. Orange County, CA.

Vincent Bindi — Tue, 23 Oct 2007 14:57:21 -0700

As most everyone knows by now, the Orange County Real Estate market has been taking a beating in the past 12 months. The rate of sales is at it's lowest level in 20 years. And, unlike the mis-information reported elsewhere, prices have already dropped by 10% or more... But there may a ray of hope.

As shown above, we have been charting the Months of Inventory since July of 2002'. A significant drop in the months of inventory just occurred for the first time since May of this year. This is due to the number of homes active for sale slowly and steadily decreasing since August, and more importantly, there has been an increase in the number of homes Pending In Escrow in the past two weeks (See chart at the bottom). Home prices started to decline starting back in June of last year (2006’), and a few more buyers are jumping off the fence and purchasing homes at this low prices. --- For FULL Article, CLICK HERE --->

Bargain Home Price in Rancho Santa Margarita, CA.

Vincent Bindi — Fri, 19 Oct 2007 10:50:10 -0700

There are some great bargain home prices now available for sale in Rancho Santa Margarita. There are currently 260 detached homes for sale ranging in price from a low of $399,900 for a 2 bedroom, 2.5 bath, 913 square foot home on Calle Del Los Ninos street in the Los Abanicos tract, on up to $2,995,999 for a 9 bedroom, 5.5 bath, 7,179 square foot estate on Hamilton trail in the Hamilton Oak subdivision. The Median price of these 260 homes is $725,000.

Compared to the third quarter of 2005', the average price per square foot of detached homes that sold and closed 1.5 years ago was $372/SqFt. Today, the average price per square foot of these 260 homes active for sale is $350/SqFt, which represents a 6% drop in prices based upon the asking price. And today, detached homes are selling for about 4% below their asking prices. So the expected drop in prices at this time will be about 10%.

There are 230 attached condos currently for sale in Rancho Santa Margarita. These range in price from $159,900 up to $789,900. Median $398,900 Price per Square Foot is $363/SF. 1.5 years ago the price per square foot for condominiums sold and closed was $397/SqFt. This represents a drop of 8.5% based upon asking prices, and most likely many of these homes will sell for less. Currently on average, condos are selling at about 3% less then their asking prices. So the expected current drop in sales prices from 1.5 years ago for Condos in Rancho Santa margarita is 11.5%.

If you have been sitting on the fence waiting for prices to drop, they have, and now would be a good time to begin searching for a bargain priced home. There are several little known zero down loan programs (CalHFA, Acorn) with below market FIXED interest rates, that allow you to purchase a home up to a maximum of $500K. If you would like more information on these great loan opportunities, or if you want to view the inside of some of the bargain priced homes, please give us a call at: 949-388-3396 or Text Message at: 949-283-4679, or email us at: Info@SearchOCHomes.com

Signs that the Orange County Real Estate Market may be close to the Bottom

Vincent Bindi — Wed, 26 Sep 2007 13:25:53 -0700

Predicting the tops or bottoms of any market such as Stocks, Bonds or Real Estate, is educated guess work at best. But there are usually tell-tale signs that often appear around tops and bottoms that give one a sense of 'seeing the light at the end of a tunnel'. That may be happening now in the Orange County CA. residential real estate marketplace.

Tell-tale sign number one, has to do with the subprime lending debacle. A dismal milestone may soon move into the housing market’s rear view mirror. Homeowners owing a total of $31.8 billion in subprime adjustable-rate mortgages began paying higher interest rates this month of September.

That is the highest amount of subprime ARM's due to reset over a one-month period in this housing cycle. By December resetting subprime ARM's are forecast to drop to $25.2 billion. By the end of 2008, they will have fallen to $3.6 billion. The reason being is that lenders have largely stopped making such loans to borrowers with spotty credit histories back at the beginning of this year..

The large volume of interest-rate resets to higher levels, has been the largest factor in the jump in foreclosures in the past 16 months. In August, foreclosure filings rose 36% from the previous month and were up 115% from last year. As ARM resets reached it's peak, more homeowners will have trouble meeting payments.

Granted, there will be a delayed affect of anywhere from 6 to 12 months. Here's why... homeowners who have an interest rate reset increase this month don't automatically stop making payments the next month. Many will try to hang in there, and some will run out of financial gas in 3, 4 or 6 months, then it takes anywhere from 5 to 8 months for the mortgage banks to foreclosure and put the REO property on the market for sale.... So the negative effect of this months the peak in the mortgage rate resets, probably won't be felt in the market as lower priced bank REO properties for sale, until sometime in the Spring and Summer of 2008'. While we may see additional weakness in the months ahead one might argue that a record supply of foreclosure homes for sale, combined with a peak in ARM resets, means the housing market is near a bottom.

The other tell-tale sign, is the very low rate of sales as compared to history. As we wrote about a month ago and as reported in the OC Register newspaper, the low volume of home sales in Orange County CA. is currently at a 20 year low. Current sales volume is a bit lower then it was back in 1995 when the real estate market hit bottom here locally, and Orange County declared bankruptcy. Many large volume markets such as Stocks, Bonds and even Real Estate will tend to fluctuate from extreme highs and extreme lows. Given that Orange County now has considerable higher population and a greater number of homes then it did in 1995, one would have to conclude that today's low sales numbers can't last much longer and will gradually return to more normal levels. One of the big difference between Stocks/Bonds and Real Estate, is that the former will make turn around in a matter of months, while Real Estate takes years to correct and adjust.

If you are a potential Buyer waiting on the side lines, you may want to get ready and start to look closely at some of the pricing opportunities coming on the market now in the form of Bank Owned REO properties ans Short Sale foreclosures. If you would like to receive a list of low priced foreclosures, bank REO's, and short sales as they come on the market for sale, via email, visit our website at: www.OCBargainHomes.com

Lake Forest CA. Home Prices

Vincent Bindi — Sat, 22 Sep 2007 11:36:17 -0700

The real estate market in Orange County Ca. has softened substantially in the past 16 months, and the same holds true for lake forest, California. The rate of sales are down to their lowest levels since the mid 1990's and prices have decreased about 10% in the past 14 months in Lake Forest. We will analysis the price of Condos and Detached homes as compared to the peak in pricing 16 months ago.

In the past 4 months, there have been 92 condos that have sold and closed escrow in Lake Forest Calif. The median price of these 92 Condos was $390,000 and the Average price was $405,489. The Average Price per square foot was $364/SqFt and the average days on market was 68 days.

The peak of the market with regard to pricing occurred in the Spring of 2006', and prices have pulled back from that point. We'll compare today's prices to the peak pricing period in 2006' For the 4 months from March through end of June of 2006' there were 206 Condos that sold and closed Escrow in Lake Forest CA. The Median price of these 206 condos was $423,000 and the Average price was $443,159. The Price per Square foot was $400/SqFt and the average Days on Market was 51 days. These figures translate as follows: The median price has decreased by about 7.8%, and the Average price has decreased by about 8.5% and the price per square foot has dropped by approximately 9% fir attached Condos.

For detached Single Family Homes, there were 106 homes that sold and closed escrow in the past 4 months. The median price was $703,900 and the average price was $730,191. The average price per square foot was $365/SqFt and the average days on market was 64 days. Now let's compare these figures to the Spring f 2006'. For the period of March through the end of June of 2006' there were 205 detached single family homes that sold and closed Escrow in Lake Forest CA. The median price of the 205 homes was $727,900 and the average price was $744,132. The average price per squar foot was $400/SqFt and the average days on market was 46 days.

These statistics result in the following: The median price has dropped by about 3.3%, and the average price has decreased by just 1.9%. On the other hand the price per square foot has dropped by 8.8% in the past 16 months.

Why the big discrepancy in the home pricing numbers you may ask ? Simply put, the Median and even more so the Average price calculations, can be skewed by changing buyer habits from one period to the next. The current fact is that there are more higher price and larger detached homes selling today then lower priced smaller homes... and back 16 months ago, the reverse was happening. That's why we use the price per square foot as a much more accurate barometer.to the movement of prices.

For Active homes currently lsite for sale, there are 319 detached home on the market currently in Lake Forest, CA. These detached homes range in price from $455,000 for a 2 bedroom, 2.5 bath, 1,074 square foot home on Rue Fontaine in the Foothill Ranch area. On up to $1,975,000 for a 4 bedroom, 3.5 bath, 4,300 square foot lake front estate on Erie Ln in the Lake Forest Keys tract. The median price for these 319 homes in $699,900.

Currently there are 9 homes that are currently pending in escrow. These home range in price from $598,900 for a 3 bedroom. 2.5 bath, 1,500 square foot home on Skylark Dr. in the Meadowood Homes tract, up to $919,900 for a 5 bedroom, 3 bath, 3,200 square foot estate on Milwood Rd. in the Crestmont subdivision. The median price for these 9 homes is $629,900.

For attached condominiums, there are 290 condos that are Active for sale. These condos range in price from $215,00 on up to $1,550,000 for a Lake Front condo. The median price for the condos listed for sale is $387,900. There are currently 25 condos that are pending in escrow in Lake Forest, CA.. These prices range from a low of $224,000 up to $679,900.

If you would like to see the inside of any home listed for sale in Lake Forest, CA., please feel free to contact us at: 949-388-3396 or email us at: Info@OCRealtyGroup.com To view all Lake Forest homes for sale online, click here to visit out MLS Search webpage.

I see Good News in the Low Home Sales Numbers for Orange County, CA.

Vincent Bindi — Mon, 20 Aug 2007 10:24:01 -0700

Last week the Orange County register published an article about OC home sales still sliding using homes sales data from DataQuick. This article included a graph (shown at right) that showed the number of homes sold and closed per month for the past 20 years. This graph shows that last month (July 2007’) was the lowest level of sales in DataQuicks 20 year recording history. And last months rate of sales was a bit lower then the lowest monthly total in 1995, which was the lowest years total during the real estate crunch in the early and mid 1990’s. I see some good news in these numbers though, and it's not just because I'm an internal optimist. Here's why.

First, there are many more people living in Orange County CA. today then there were in 1995.. by about 300,000 to 400,000 people I estimate (See below graph) … California actually had a net negative population growth for several years during the mid 1990’s, but not today. Also there are more homes in existence today then in 1995. Not a whole lot more though, since available buildable land has been scarce for several decades. (By the way, the number of homes built during these years has not kept pace with population growth.) We now have a stronger job market today then in 1995. The overall economy in Orange County was much worse in 1995, and Orange County, CA actually went bankrupt in 1995, which happens to be the very same year containing the second lowest rate of sales month in the past 20 years.

Another interesting observation. Back in 1995, (the lowest rate of sales for the past 20 years) was the very same year when prices hit bottom in Orange County, and prices started to slowly rise in 1996 and beyond. Am I going out on a limb and claiming that this year will also be the bottom of the pricing cycle (many areas throughout Orange County have already seen price decreases by 10% to 15%). No, I'm not ready to go that far out on the limb, but if we haven't yet hit bottom in this pricing correction, then my hunch is that we are very close to the bottom.

On the contrary side, the availability of easy Mortgage money over the last 3 years (zero down, with Stated Income with not so good FICO scores) no doubt artificially swelled the number of available buyers which drove up demand for homes which helped to move home prices even higher. Since the Mortgage industry has/is now correcting for this past error, and those loans no longer exist, there will be a period of time when the number of potential Buyers are down below historic averages during this Mortgage finance correction.

Another factor keeping the Sales numbers down to there lowest level in the past 20 years, is there is a lot of 'Doom and Gloom' in the press on TV, Newspapers and the Web, which to a certain degree becomes a self fulfilling prophecy. All things considered, I just don’t think this low sales volume can last much longer, and I would expect the rate of sales to return to the 3,000 to 4,000 per month level in Orange County (or even higher) in the not to distant future (3 to 6 months).

south Orange County Distressed Properties Analysis

Vincent Bindi — Thu, 09 Aug 2007 11:56:44 -0700

There is now doubt about it... the south Orange County real estate market is going through a market correction... But some market segments are being hit harder then others. This correction is effecting the entry level market much harder then the older and staid move up markets. To illustrate this point, we conducted market analysis of distressed properties for sale in the cities of Laguna Beach, Irvine, Dana Point, San Clemente, Laguna Niguel, Mission Viejo, Aliso Viejo, Rancho Santa Margarita, Ladera Ranch and Lake Forest. This analysis comprised of counting the number of properties currently listed for sale that are either Bank Owned (REO), in Foreclosure, or Short Sales, for each city. We then took these numbers and divided by the Cities population (and then multiplied by 1,000). This gives us a simple ratio of distressed properties for sale per 1,000 population for each city.

This analysis illustrates that the entry level market is being hit much harder then the move up market. The result of our analysis is shown in the chart below:

CITY	Distressed Rate
Laguna Beach	0.10
Irvine	0.23
Dana Point	0.31
San Clemente	0.57
Laguna Niguel	0.65
Mission Viejo	0.80
Aliso Viejo	1.01
Rancho Santa Margarita	1.28
Ladera Ranch	1.55
Lake Forest	1.67

The coastal communities consisting of more expensive and older properties, have a much smaller percentage of distressed properties for sale compared to the more affordable and newer inland communities. For example, Lake Forest has a 16 times higher rate of distressed properties (bank REO, foreclosure, shore sale) for sale then Laguna Beach. The reasons for this are several. A higher percentage of the homes in Ladera Ranch, Rancho Santa Margarita, Aliso Viejo and Lake Forest (including Portola Hills, Foothill Ranch) are newly built in the past 15 years and geared towards entry level or first time move-up home buyers. Compared to Laguna Beach, Dana Point, and Laguna Niguel which have a higher percentage of older properties that were targeted for move-up and estate buyers. A higher percentage of the newer entry level buyers who bought in the inland communities used lower down payment financing, some with adjustable rate mortgages, and some of these home owners have no equity or negative equity (short sale) due to the recent pull back in property values. Whereas many of the home owners in these coastal communities bought long ago, or recently purchase with large down payments which shelters them from market corrections such as this one, in case they have to sell and move.

Another angle to this analysis is the following. We have been tracking the months of inventory for the south orange County real estate since July of 2002'. The entry level price range of "Less Then $450K" has always been the hottest market segment until recently. Now this price range is the softest market segment at 10 months of inventory.

It is hard to know how long this correction will last, but I guesstimate that the recovery will occur sometime in mid 2008', which actually makes this a good time to be thinking seriously about buying a home. For more information about the orange County real estate market please feel free to contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com To view any home for sale, please visit: south Orange County Real Estate

Dana Point Home Prices increased 6% in the Past Year !

Vincent Bindi — Sat, 04 Aug 2007 13:25:39 -0700

The real estate market in southern California has slowed down considerably in the past 18 months, but home prices is Dana Point have held up well and have actually increased by a healthy percentage. Currently there are 225 homes currently active for sale in Dana Point, CA. These detached homes range in from $550,000 for a 2 bedroom, 2 bath, 855 square foot home on Calle Juanita in Capistrano Beach. The maximum price is $10,199,900 for a 5 bedroom, 2 bath 1,842 square foot older home on Beach Rd., which essentially makes this a land purchase for a double sized ocean view beach front lot. The median priced home is $1,299,000 and the average priced detached home for sale in Dane Point is $1,791,173. The average price per square foot is $667 and the average days on market is 94 days.

On this date, there are 27 detached homes in Dana Point under contract In Escrow. These homes range in price from $655,000 for a 2 bedroom, 1 bath, 1,100 square foot home on La Cresta in the Lantern Village area of Dana Point. On up to $6,995,000 for a 3 bedroom, 4.5 bath, 6,500 square foot estate on Beach Rd. in Capistrano Beach boasting of sweeping Ocean views. The median priced home is $1,095,000 for home pending In Escrow.

In the past 90 days, there have been 62 detached homes that have sold and closed in Dana Point, CA. These homes range in price from a low of $595,000 for a 2 bedroom, 2 bath, 1,060 square foot home on Via Catalina in the Capistrano Beach area. On up to $12,425.000 for a 5 bedroom, 7 bath, 7,652 square foot estate on Ritz Cove with sweeping ocean view in Monarch Beach. The median priced home is $1,135,000 and the average priced detached home that sold and closed in Dana Point in the past 3 months was $1,598,064. The average price per square foot was $602, and the average days on market was 74 days.

Comparing the above sales prices to last year, we find that there were 55 homes that sold and closed in the same 90 period 1 year ago. The median priced home back then was $999,000 and the average price home was $1,222,054. The average price per square foot was $568/SqFt and the average days on market was 74 days. Comparing today's prices to one year ago, we find that the median price has increased 13%, the average priced detached home increased 30% and the average price per square foot increased 6%. The price per square foot is considered the most accurate measure of the price movement of a given market. Even in the face of a major correction in the orange county real estate market, Dana Point homes prices have maintained well and actually increased by 6% in the last 12 months.

For more information about Dana Point home prices or to view any home for sale in Dana Point, please feel free to contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com

It's a Buyers Market in Orange County !

Vincent Bindi — Mon, 04 Jun 2007 09:05:30 -0700

Even though much of the news regarding the local Orange County CA. real estate market is negative, I truly believe that now is a good time to buy a home in Orange County, CA. Prices are down, interest rates are still low, the current and long term local job markets look healthy, coupled with the great quality of life... and much of the news regarding the local real estate market is negative. Recovering technologies such as semi-conductors and Internet, new technologies such at Bio-Tech and Asian trade, are all strong employers here in Orange County which will keep the job market strong and relatively high paying.

Let's look at the price and sales data. We have been gathering market data on a weekly bases since July of 2002' Since we began gathering this data, we are now at a point of the largest number of homes listed on the market for sale at 4,597. As an interesting comparison, south orange county had just 500 homes on the market for sale in February of 2004’. Also, at that time (February 2004’) there were about 1,500 homes sold in escrow, whereas today there are only 763 homes sold in escrow.

There have been some new recent articles quoting a recent Dataquick report, that the Median Price of homes in Orange County has only dropped by $1,000 from April of this year compared to April of last year, which represents just about a 0.15% drop in prices, which essentially is no drop in prices at all. That calculation may be true, but if you have been active in selling real estate in this market, like I have, you know this not to be true, so how can this be ? Our data gathering and analysis give us the answer.

Dataquick basis there estimates on Median home prices which is the price in the middle in which half the homes sold for a higher price, and the other half sold for a lower price. This calculation compares small low priced entry level homes, with larger multi-million dollar ocean view estates, and everything in between. Our graphs have shown that for several years, the sub $400K market was always the hottest market with the lowest months of inventory. But in the past 5 months or so, this has not been the case, and now the sub $400K is one of the softest markets with one of the highest months of inventory (currently at 9.8 months). What this tells us is there are now more buyers purchasing larger and higher priced homes as compared to lower priced entry level homes. This phenomenon then skews the Median Price (and Average Price) calculation to the higher end of the price spectrum.

According to our calculations which looks at price per square foot for specific product types, prices have actually dropped about 10% nominally since the peak in pricing in May of last year… I predict that this softness in the market will continue throughout the remainder of this year and begin to strengthen next year.

Orange County Real Estate Market Report - May 2007'

Vincent Bindi — Mon, 14 May 2007 10:25:00 -0700

The local market here is south Orange County is soft, but I see signs that we may be approaching a bottom in pricing. Currently we are at about 8.5 months of inventory in Orange County, which is a solid Buyers Market (greater then 6 months is considered a buyers market). First, to clear some definitions. The Months of Inventory is not just the inventory of homes for sale, but is essentially a ratio of the number of homes for sale, divided by the rate at which homes have been currently selling. This is the true indication of the strength or weakness of any given real state market. If I said there were 20 homes for sale in Maryland, Ohio, one may get the impression that's a tight market, but if you later learned that only one home sold in Maryland all of last year, you would soon learn that that is a terrible market for it would take about 20 years to sell the current inventory of homes for sale... As can be seen by the below graph, the south Orange County residential real estate market has been hovering around 8.5 months since about July of last year (2006'), which means that it would take about 8.5 months to sell the current inventory of homes for sale. Also of interest, the Months of Inventory dropped substantially early this year, and just after the sub-prime lending meltdown and the associated bad press, the Months of Inventory shot back up to around 8.5 months... the same level as last year.

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South Orange County Real Estate Market looking better and better !

Vincent Bindi — Mon, 26 Feb 2007 14:35:56 -0800

As we stated in a previous article several weeks ago ( Orange County market is Alive Again ), it is our opinion that the downward pricing is coming to an end here in south Orange County. If we haven't already reached the bottom of the downward pricing cycle, then we are very close to the bottom. How can I be so confident you may ask ? Well as they say, it's all in the numbers. The internal market statistics that best reveals the constant tug of war between buyers ans sellers is called the Months of Inventory. The Months of Inventory is basically a ratio of the Inventory of homes for sale by the number of homes that have sold over a period of time. The higher the months of Inventory, the slower the market and visa versa. Traditionally, major banks and Title companies (and others) will quote this statistic on a quarterly basis, based upon long term averages of actual homes sold. The problem with this method of calculating this Stat is, it is 'old news' if you are working in the industry on a daily basis like we are. So we derived our own proprietary indicator back in July of 2002' based upon Inventory of homes for sale, and the number of Homes sold in Escrow, which gives us a much more timely measurement of market conditions. And our proprietary Months of Inventory calculation has been very accurate as well.

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South Orange County CA current Pricing Trends...

Vincent Bindi — Tue, 06 Feb 2007 13:41:25 -0800

Our previous blog article ( The Orange County Real Estate Market is Alive Again ! ) caused a bit of controversy, so I thought I would further clarify and elaborate on the previous report... Someone commented on that previous blog post that I'm calling for a 'Recovery' in the local Orange County real estate market... I never used the word Recovery for in my mind a recovery is a return to last summers peak in pricing and I do not see that occurring this year or next year... What I did say, is that I see an end to price reductions, which in other words, I'm estimating that we have reached the bottom of the market with regard to price reductions (or very close to the bottom)...

Let's dive into the details of home pricing... but some background first. The home price figures that many of the newspapers and large banks quote are based upon Quarterly, 6 month or Yearly data of either the Average home price or the Median Home price. They then usually compare this to the same time period of last year. The problem with this approach is two fold... One, there is an inherent lag due to the long averaging period of 3, 6 or 12 months coupled with the fact of comparing those averages to 1 year ago.. Two Average home prices can be skewed by a few high price sales, and both Median and Average home prices can be skewed by home owners opting for larger or smaller homes as demographics change.

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The Orange County Real Estate market is Alive Again !

Vincent Bindi — Mon, 05 Feb 2007 14:09:10 -0800

News Flash... Sound the Trumpets... Ring the Bells.... After 14 months of "sitting on the fence", local Orange County CA home Buyers are now starting to jump of that fence and preview homes for sale, make purchase offers and place homes under contract (in escrow). This has been our personal experience and the experience of many other Realtors we have talked with in recent weeks. As additional evidence, traffic from our websites has increased dramatically in the past 3 weeks, and our Months of Inventory Market Statistics graphs has shown a marked decrease in the months of inventory.

We have collected the data for the below graph of months of inventory has been collected every week since July of 2002'. As can bee seen on the far right side of the graph the months of inventory has decreased rapidly, which is a result of a dropping inventory of homes for sale and a corresponding increase in the number of homes being recently. As can be seen in the graph, the months of inventory has been hoovering around 8 months since July of last year and has just recently dropped down to 6 months.

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Tustin Ranch Home and Condo Prices for January 2007'

Vincent Bindi — Sun, 21 Jan 2007 14:11:39 -0800

Based upon our analysis of the local south Orange County real estate market, and our day to day work in this market, it appears that the real estate market has stabilized here in Tustin Ranch and south Orange County, CA.

Lets look at some of the numbers for homes sold recently as compared to last year. In the past 90 days, there have been 31 detached homes that have sold and closed escrow in Tustin Ranch, CA. These homes range in price from a low of $570,000 for a 3 bedroom, 3 bath, 1,300 square foot house on Kearney Ct in the Travilla subdivision. To a high price of $2,875,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Amberdale Dr. in Tustin Ranch Estate. The median sold price is $780,000 and the average price is $986,464. The average price per square foot is $408 and the average days on market is 95 days.

During this same 90 day period last year, there were 37 detached homes that sold and closed escrow in story Ranch, CA. These homes ranged in price from $589,000 for a 2 bedroom, 2 bath, 950 square foot single story house on Cook Ct in the Travilla tract. On up to $3,500,000 for a 5 bedroom, 6.5 bath, 7,355 square foot estate on Portrait Way in median Ranch Estates. The median price of these sold homes one year ago was $840,000 and the average price was $1,030,115. The average price per square foot was $434 and the average days on market was 35 days. Comparing these figures to the current days yields the following: The Median price of detached homes has decreased 7% in the past year, the Average price decreased by 4% and the average price per square foot decreased by 5%. This is a relative small correction , despite the overblown negative press about the local real estate market. And, based upon our analysis of the months of inventory which has stabilized in the past several months, and the decreasing inventory of homes for sale, we expect the home prices to hold firm at these levels.

Lets look at attached Condominiums. In the past 3 months, there were 28 Condos that have sold and closed escrow in Tustin Ranch, CA. The condominiums range in price from $320,000 for a 1 bedroom, 1 bath, 600 square foot unit. Up to a maximum of $800,000 for a 2 bedroom, 2 bath, 1,850 square foot Townhome with Tustin Ranch golf course view on Aquasanta street in the Corte Villa tract. The median price of these condos sold is $492,000 and the avearge sold price is $489,435. The average price per square foot is $394 and the average days on market is 72 days.

Last year during this same 3 month period there were 62 Condos that sold and closed escrow in Tustin Ranch, CA. The median price of these 62 dols condos was $532,000 and the average sold price was $528,561. The average price per square foot was $431 and the average days on market was 44 days. The median price and average price decreased by 7.5% in the past year, while the average price per square foot decreased 8.5 %. As before, this is a mild correction to a very hot real estate market that lasts 6 years. The 6% to 8% drop in prices has occurred in other south Orange County cities as well.

There are 14 detached homes currently under contract In Escrow in Tustin Ranch, Ca. These homes range in price from $689,000 for a 3 bedroom, 2.5 bath, 1,638 square foot home on Holderman Court in the Presidio tract, on up to $3,198,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Horizon Way in Tustin Ranch Estates. The average priced home in escrow is $1,069,000. For attached condos, there are 17 condominiums currently In Escrow. These condos range in price from $279,900 for a 1 bedroom, 1 bath, 575 square foot studio unit on Keller Dr. in the Mandevilla tract, on up to $675,900 for a 2 bedroom, 2.5 bath, 1,875 square foot condominium on Tequestra St. in the Corte Villa subdivision. The average price of these condos in escrow is $531,500.

Currently there are 45 detached homes active for sale in Tustin Ranch. These homes range in price from $599,900 for a single level 3 bedroom, 2 bath, 1,100 square foot home on Kearney Dr. in the Travilla tract. On up to $2,850,000 for a 5 bedroom, 5.5 bath, 5,400 square foot estate on Padias Ln in Tustin Ranch Estates. The median price of the 45 homes is $975,000 and the average asking price is $1,140,293. The average price per square foot is $420 and the average days on marekt is 86 days.

Finally, there are 49 attached condos and townhomes currently active for sale in Tustin Ranch, CA. The condos range in price from $299,999 for a 1 bedroom, 1 bath, 577 square foot unit on Champion Way in the Rancho Veracruz subdivision. To a high of $890,000 for a 4 bedroom, 3 bath, 2,650 square foot condo on Tequestra street in the Corte Villa tract. The median price is $518,000 and the average price is $526,346. The average price per square foot is $424 and the average days on market is 66 days.

The real estate market in Tustin Ranch has cooled off substantially from a year ago, but we see several signs that a bottom has been reached at this time. If you would like view all homes or condos listed for sale, please visit our website at: Tustin Ranch Real Estate.

Latest Stats on the Orange County Real Estate Bubble.... NOT!

Vincent Bindi — Wed, 06 Dec 2006 08:43:29 -0800

I saw the Borat movie the other day and I couldn't help but use that 'NOT' phrase... There has been lots of talk in the past 12 months about a real estate Bubble here in Orange County CA... As a professional real estate Broker I don't see it, but then again, maybe I'm just biased. So I brushed of the dust from my old College Engineering books and decided to do some unbiased statistical analysis to shed some light on the current state of the real estate market here in Orange County.

First set of statistics that I look at, that are often quoted, is the Months of Inventory. This figure is published by the major banks and title companies but the data is usually a 4 to 6 months behind the current market conditions and covers a very large area of the marketplace (ie: California). So I started tracking my own version of the Months of Inventory back in July of 2002'. The data I have been gathering is on a weekly basis for just the south Orange County real estate market. Also, I use homes under contract (In Escrow) instead of homes that have sold and closed in the previous 3 months. This makes for a much more time sensitive up-to-date barometer as to what is currently going on in our marketplace. In July of last year (2005') we were in a super Hot Sellers market at 1.5 months of inventory. Since that time the market has be slowing down to a level of 9 months of inventory about a month ago. Recently the market has shown signs of gaining just a little bit of strength as the months of inventory has dropped back to 8 months. Below is a Graph showing the Total number of homes Active for Sale versus the Total number of Homes sold In Escrow. The ratio of these two figures is representative of the Months of Inventory.

Aliso Viejo CA. Condo Prices - 3rd Quarter 2006'

Vincent Bindi — Tue, 17 Oct 2006 18:48:54 -0700

The real estate market in Aliso Viejo, CA. and elsewhere in southern California has slowed down substantially as compared to 2005'. This article will examine current Condo prices and we will release similar statistics for detached homes in Aliso Viejo in the near future.

Currently there are 220 attached condominiums and townhomes for sale in Aliso Viejo. These condos range in price from $309,000 for a 1 bedroom, 1 bath, 636 square foot Condo in the Seagate Colony tract on Whippoorwill Lane, on up to $759,900 for a 3 bedroom, 2.5 bath, 1,904 square foot condominium with panoramic view in the California Renaissance tract on Donatello street. The Median priced condo in Aliso Viejo is $484,000 for a 2 bedroom, 2.5 bath, 1,366 square foot unit. The averaged price of these 220 condos is $497,436 and the average price per square foot is $397/SqFt. The average days on market is 65 days.

Today, there are 47 condominiums and townhouses sold In Escrow in Aliso Viejo, CA. These condos range in price from $299,000 asking price for a 1 bedroom, 1 bath, 636 square foot unit in the Seagate Colony tract on Sandpiper Lane. Up to a maximum of $629,900 for a 3 bedroom, 2.5 bath, 1,569 square foot home with panoramic view in the La Mirage tract on La Mirage Circle. The median price of these 47 units is $454,900.

For the 3rd quarter of 2006' (July, August and September) there were 129 condos sold. The lowest 1 bedroom, 1 bath, 672 square foot condo located in the Heather Ridge subdivision on Cambria Lane. The highest priced condo is $635,000 for a 3 bedroom, 2.5 bath, 1,806 square foot in the Windwards tract locate on Conch Reef road. The median priced condo sold in the 3rd quarter was $480,000 and the average price was $490,961. The average price per square foot was $356/SqFt and the average days on market was 48. Compared to the 3rd quarter of last year (2005'), there were 212 condos sold at that time, and the median priced condo back then was $475,000 and the average of those 212 condos was $488,510. The average days on market in the 3rd quarter of 2005' was 33 days.

If you would like to view online all Aliso Viejo condos for sale, click here: Aliso Viejo Condos.

Technorati Tags: Real Estate, Aliso Viejo, Condos

Irvine Median and Average Home and Condo Prices, 2006'

Vincent Bindi — Mon, 14 Aug 2006 17:09:47 -0700

Although the real estate market in Irvine, CA. has slowed down substantially from last year, market values continue to hold. In April of this year we reported that there were 330 detached homes listed for sale in Irvine, with a Median price of $999,900 and an average days on market of 40 days. Today, there are 543 detached homes listed for sale with a median price of $940,000.

The lowest priced detached home for sale is a 2 bedroom, 2 bath, 950 Square foot patio home on Orchard street and is priced at $499,098. The most expensive home currently for sale in Irvine is a 8 bedroom, 13 bath, 16,800 Square Foot estate priced at $17,900,000 on Needlet Grass street in the Shady Canyon tract of Turtle Ridge.

There are 92 homes currently under contract (Pending in escrow) in Irvine. The median price of these Pending homes is $839,000. The lowest price home In Escrow is a 2 bedroom, 1 bath, 900 square foot patio home on Tangerine street. The most expensive home in escrow currently in Irvine, is a 5 bedroom, 5.5 bath, 5,699 square foot estate priced at $3,465,000 on Starview street, in the La Cima tract of Turtle Ridge.

For the past 90 days in 2006', there were 261 detached homes that sold and closed escrow in Irvine. The median price for these sold homes was $875,000 and the average price was $954,989. The average price per square foot was $426/SqFt and the average days on market was 50 days. Comparing this to our our report in April of this year, the median price for the first 3 months of this year was $812,400 and average price per square foot was $442/SqFt. This illustrates that home sales prices have held steady for this year and essentially have not dropped.

For attached condominium in Irvine, there are currently 607 Condos listed for sale and the Median price is $649,900. The lowest priced Condominium is 1 bedroom, 1 bath, 475 Square Feet for $249,900 in the Irvine Springs tract on Streamwood street. The most expensive condo is a 3 bedroom, 3.5 bath, 4,290 Square Foot Condo with Bay View located in the Plaza Irvine high rise on Scholarship street, and is priced at $3,775,500, that is scheduled for completion in 2007'

Today, there are 98 Condos Pending in escrow in Irvine. The median price for the Pending Condos is $550,000. The least expensive condominium sold in escrow is 1 bath studio with 475 square feet in the Irvine Springs tract on Streamwood street. The most expensive condo in escrow currently in Irvine, is a Penthouse condo with 3 bedrooms, 3.5 baths, 2,520 square feet located in the Plaza Irvine high rise on Scholarship street for $2,562,500 and is scheduled to be completed in 2007'.

For the past 90 days, there were 268 Condos that sold and closed escrow in Irvine. The median priced Condo was $576,500. The lowest priced condo that sold and closed escrow during this time period was a 1 bedroom, 1 bath, 475 square foot condo in the Irvine Springs tract on Streamwood. The highest priced condominium sold in Irvine in the past 90 days was a 3 bedroom, 3.5 bath, 2,930 square foot townhome with panoramic views and 3 car garage in Turtle Ridge.

To view all Homes and Condos for sale in Irvine, visit our website at: Irvine Real Estate

Laguna Niguel CA. Median and Average Home Prices for 2006'

Vincent Bindi — Mon, 07 Aug 2006 23:32:01 -0700

The real estate market here in Laguna Niguel, CA. has slowed down substantially from last year, but actual sales prices have maintained their value. In the past 3 months, there have been 138 detached homes that have sold and closed escrow, as compared to 211 homes sold during this same period in 2005'. During the past three months of this year, the median price of all detached homes sold in Laguna Niguel was $970,000. for this same period in 2005' the median sales price was $890,000, which is an appreciation rate of 9.0%.

Likewise, in the past 90 days, there have been 127 attached condominiums that have sold and closed in Laguna Niguel, and the median price for these condos was $493,000. During this same 3 month period in 2005', there were 222 condos sold and the median price of condos sold was $477,500... this represents an appreciation rate of 3.2%.

During the past 90 days, the lowest priced detached home that was sold in Laguna Niguel, CA. was a 2 bedroom, 2.5 bath, 1,326 square foot home in the Del Prado Villas tract on Via Entrada for $578,000. The highest priced detached home sold was $4,000,000 for a 5 bedroom, 6 bath, 6,041 square foot condo with panoramic ocean and Catalina island view in the Ocean Ranch tract on Carmel Woods street. The average price of these detached homes was $1,146,943. The average price per square foot was $427/SqFt and the average days on market was 60 days.

During the past 90 days, the lowest priced attached condo sold in Laguna Niguel was a 1 bedroom, 1 bath, 726 square foot condo in the Hillhurst tract for $295,000. The highest priced condominium sold was $1,560,000 for a 3 bedroom, 2.5 bath, 2,721 square foot condo with panoramic ocean view in the Laguna Sur tract on Marseille. The average price of these condos was $554,900. The average price per square foot was $399/SqFt and the average days on market was 66 days.

Currently, there are 300 detached homes that are active for sale. The lowest priced homes is a 2 bedroom, 2.5 bath, 1,326 square foot home in the Del Prado Villas tract on Via Mirada for $585,000.. The highest priced home currently on the market for sale in Laguna Niguel is $10,250,000 for a 6 bedroom, 8 baths, 10,000 square foot estate with panoramic ocean view in the Bear Brand Ranch tract on Old Hill Ridge. The median price of these active homes for sale is $1,049,500.

For attached condominiums, there are currently 293 condos for sale. The lowest priced condo is a 1 bedroom, 1 bath, 565 square foot property in the Milano tract on Caldaro street for $294,000. The highest priced condo is a 3 bedroom, 3.5 bath, 3,183 square foot condominium with a panoramic ocean view, in the Laguna Sur tract on Nice street. The median of these 293 condos for sale is $549,900.

To view all detached homes and condos for sale in Laguna Niguel, please visit: Laguna Niguel Real Estate.

Dana Point Median and Average Home Prices, 2006

Vincent Bindi — Sun, 09 Jul 2006 08:50:00 -0700

Dana Point home price appreciation was very strong in 2005' having gone up some 10%. This was primarily due to robust local job market in Orange County, very low interest rate, a shortage of land to build on, and very desirable place to live. In 2006' the local real estate market here in Dana Point has slowed down substantially.

Today, there are 171 detached houses Active for sale in Dana Point priced from low of $679,900 for a 2 bedroom, 2 bath, 1,213 square foot home in the Capistrano Beach area on Calle Carmelita , on up to $6,995,000 for a 3 bedroom, 4.5 bath 6,500 square foot beachfront estate also located in Capistrano Beach on Beach Rd., and built by renowned architect Ed Lohrbach. The median price is $1,295,000 and the average asking price for a detached house in Dana Point currently stands at $1,640,003. The average days on market for these Dana Point houses is 72 days and the average price per square foot is $630/SqFt.

Currently, there are 18 detached houses currently Pending in escrow in Dana Point. The lowest priced home is $749,000 for a 4 bedroom, 2 bath, 1,370 square foot house in the Dana Hills area on Elisa Dr., and the highest price house in escrow is $2,850,000 for a brand new 4 bedroom, 4 bath, 4,003 square foot estate in the Capistrano Beach area on Castillo Del Mar. The median price for these pending homes in escrow is $1,150,000.

For the past three months, there were 65 detached houses that sold and closed escrow in Dana Point. The least expensive home was $570,000 for a 3 bedroom, 2 bath, 1,303 square foot home that was a major fixer upper on Calle Portola in Capistrano Beach, on up to $5,850,000 for 5 bedroom. 4.5 bath, 5,000 square foot ocean view estate in Monarch Beach on Monarch Bay Dr. The median price for detached houses sold in Dana Point for the past three months $997,800 and the average of the homes sold was $1,272,841. The average days on market was 68 days, and the average price per square foot was $557/SqFt.

For attached housing, today there are 104 Condos listed for sale in Dana Point ranging in priced from $332,500 for a 1 bedroom, 1 bath, 650 square foot home in the Del Obispo area on Quail Run St. The highest asking price is $3,550,000 for a 4 bedroom, 4.5 bath, 4,850 square foot townhome in Monarch Beach in the Point Monarch tract on Via Corsica. The median priced Condo is $689,000 and the average asking price for attached homes in Dana Point is currently $835,946. The average days on market is 57 days, and the average price per square foot is $557/SqFt.

For condominiums currently under contract, there are 17 condos in escrow. These homes range in price from $314,900 for a 1 bedroom, 1 bath, 600 square foot condo in the Del Obispo area on Del Obispo St. The highest price condo in escrow is $1,359,000 for a 2 bedroom, 2 bath, 1,742 square foot ocean view condo in the Lantern Village area on Lantern Bay Dr. The median priced condominium in escrow in Dana Point is currently $649,900.

In the past 90 days, there were 65 condominiums that have sold and closed escrow in Dana Point. The lowest priced home sold was $265,000 for a 1 bedroom, 1 bath, 650 square foot condo in the Del Obispo area on Quail run. The highest price condo sold was a 3 bedroom, 3.5 bath, 3,133 square foot ocean view townhome in the Lantern Village area on Lantern Bay Dr. The median priced condo sold was $606,000 and the averaged priced condominium sold in Dana Point was $669,930. The average days on market was 63 days and the average price per square foot was $474/SqFt.

For information about Dana Point Real Estate, please feel free to contact us at: 949-388-3396. To view all houses for sale in Dana Point that are listed in the MLS, visit our website at: Dana Point Homes

Lake Forest CA Average and Median Home Prices, 2006'

Vincent Bindi — Thu, 08 Jun 2006 23:22:16 -0700

The real estate market in Lake Forest CA. has slowed down substantially from a Sellers market 10 months ago to a Neutral market today. The Months of Inventory is a common statistic used to indicate the strength of any residential real estate market. Currently, the months of inventory for detached homes in Lake Forest is standing at about 4.4 months, and 4 to 6 months is considered to be a Neutral market. The months of inventory for attached Condos in Lake Forest is now 5.3 months.

Currently there are 200 detached homes for sale in Lake Forest. The lowest priced detached home is a 2 bedroom. 2.5 bath, 1,250 square foot home priced at $549,000 in the Brittney tract of Foothill Ranch. The most expensive detached house for sale in Lake Forest California is a 4 bedroom, 4.5 bath, 4,100 square foot home priced at $1,399,000 in the Montbury tract. The Median priced home is $759,000 and the Average price of these 200 homes is $777,974. The average days on market is 47 days, and the average price per square foot is $420.

Today, there are 68 detached homes under contract In Escrow in Lake Forest. The least expensive home is a 2 bedroom, 1 bath, 943 square foot home for $525,000 in the Countryside tract. The most expensive home In Escrow is a 4 bedroom, 2.5 bath, 3,300 square foot home for $1,324,900 in the Montbury tract. The Median home price for these 68 homes is $740,000.

In the past 90 days, there have been 147 detached homes that have sold and closed escrow in Lake Forest, CA. The least expensive home was a 2 bedroom. 2,5 bath, 1,256 square foot in the Brittany. The most expensive home sold that closed escrow in the past 90 days in Lake Forest was a 4 bedroom, 4 bath, 3,312 square foot estate for $1,070,000 in the Crown Pointe community. The median price of the homes that have sold is $730,000 and the average price was $749,667. The average days on market was 47 days and the average price per square foot was $391/SqFt.

For attached Condominiums, there are 205 Condos currently for sale in lake Forest. The least expensive condo is a 1 bedroom, 1 bath, 685 square foot home for $264,000 in the Aliso Creek tract. The most expensive Condo was a 3 bedroom, 2.5 bath, 2,190 square foot attached Lake Front home in the Villa Del Lago tract and is part of the Sun and Sail Club. The median price of the 205 condos is $424,900 and the average price is $438,288. The average days on market is 54 days, and the average price per square foot is $410/SqFt.

At this time, there are 57 condominiums under contract In Escrow. The least expensive Condo in escrow is a 1 bedroom, 1 bath condo in the Pheasant Run community. The most expensive Condo currently in escrow in Lake Forest is a 5 bedroom, 3 bath, 2,562 square foot attached home for $1.480,000 on the Lake Front. The Median priced home is $430,000 for the 57 condos in escrow.

In the past 90 days, there were 144 condos that have sold and closed escrow. The least expensive Condo that has sold is a 1 bedroom, 1 bath, 710 square foot home for $285,000 in the Pheasant Creek tract. The most expensive Condominium sold is a 4 bedroom, 2.5 bath, 2,350 square foot attached home on the Lake Front for $8700,000 in the Lake Terrace community. The median priced Condo sold in the past 90 days was $428,000.

Even though the local real estate market has slowed down, it is still decent market to both buy and sell in. To view all Homes for Sale in Lake Forest, visit our website at: Lake Forest Real Estate.

Technorati Tags: Lake Forest, Orange County, Homes

Mission Viejo Average and Median Home Prices - 2006'

Vincent Bindi — Wed, 31 May 2006 09:46:59 -0700

The real estate market in south Orange County, CA and Mission Viejo has slowed down substantially as compared to last year, and is now a Neutral market. The months of inventory for south Orange County (including Mission Viejo) now stands at about 5.7 months for all price ranges and for Condos and Single Family Homes combined.

Currently, for Mission Viejo CA (not including Ladera Ranch) there are 403 detached single family homes on the market for sale. The Median price for these detached homes is $783,000. The least expensive home is a 2 bedroom, 2 bath, 1,279 square foot home and is located in the retirement community called Casta Del Sol and is ranged priced at $499,900 to $519,900. The most expensive home is 4 bedroom, 3 bath, 3,100 square foot estate in the Tres Vistas tract with a Mission Viejo Lake front view, and is range priced fro $2,299,990 to $2,399,990.

There are 111 detached homes currently in escrow in Mission Viejo. The median priced home that is sold in escrow is $759,900 and the average price for these homes is $800,000. The average price per square foot is $410/SqFt and the average days on market is 50 days. The least expensive home In Escrow is a 2 bedroom, 2 bath 1,279 square foot home in the Casta Del Sold tract, and the most home expensive home under contract (In Escrow) in Mission Viejo, CA is a 5 bedroom, 3.5 bath, 4,253 square foot home for $1,479,000 in the Stoneridge tract.

For the past 3 months, there have been 240 detached homes that have sold and closed escrow in Mission Viejo. The median price of these sold and closed homes was $752,000 and the average price was $806,394. The average days on market was 46 days and the average price per square foot was $398/SqFt. The least expensive home sold was a 2 bedroom, 1.5 bath, 1,065 square foot home in Casts Del Sol again, and the most expensive home sold was a 5 bedroom, 5 bath, 5,246 square foot estate in the San Marino tract of Mission Viejo that sold for $2,700,000.

If you would like to view all homes listed for sale in Mission Viejo, just visit our website at: Mission Viejo Real Estate.

Technorati Tags: Mission Viejo, Orange County, Homes

San Clemente Median and Average Home Prices

Vincent Bindi — Tue, 02 May 2006 13:12:40 -0700

Scenic seaside San Clemente, CA. real estate market has been slowing down in the past 4 months, but remains healthy. Currently, there are 306 detached homes active for sale with a Median Home Price of $1,250,000. (The Median price is considered to me a more accurate representation of real estate prices than the Average price.) The lowest priced detached home currently for sale in San Clemente is a 2 bedroom, 2 bath, 1,100 square foot home for $609,900 located close to Trestles beach. The highest priced home active for sale is 6 bedroom, 8 bath, 7,500 square foot estate priced at $4,400,000 located in Sea Pointe Estates.

There are 82 homes currently under contract (In Escrow) in San Clemente and the Median asking Price is $1,100,000. The average price of these homes is about $1,400,000 and the average price per square foot is about $510/sf, and the average days on market is 70 days. The lowest priced detached home under contract is $719,000 for a 3 bdrm, 1.5 bath, 1,145 square foot property. The highest priced home in escrow is a 7 bedroom, 8 bath,10,726 square foot estate located in the exclusive ocean front community called Cottons Point Estates, and the asking price is $7 Million. The ratio of the homes active for sale (306) as compared to the homes sold In Escrow (82) is quick estimate of the Months of Inventory. Currently, the Months of Inventory is estimated to be 5.6 months which is a Neutral market.

For the past 30 days, there were 49 detached Homes sold and closed Escrow in San Clemente with a median price of $1,050,000 and an average price of $1,155,663. The Average Days on Market was 55 days and the average price per square foot was $517/SqFt. The least expensive detached home sold in the past 30 days was a 3 bedroom, 2.5 bath, 1,581 square foot home in the Villagio tract. The most expensive property sold was a 3 bedroom, 2 bath, 2,364 square foot custom home in south San Clemente.

The real estate market for San Clemente Attached housing is a bit stronger. There are 109 attached Condos currently Active for sale in San Clemente and they have been on the market for sale an average of 56 Days. The Average Condo is Priced at $777,031 and the Median asking Price is $649,900. The average price per square foot is $492. The lowest priced condominium is a 1 bedroom, 1 bath, 560 square foot condo price at $317,500 in the Vista Pacifica tract. The highest priced condominium is priced at $3,795,000 for a 4 bedroom, 3.5 bath, 3,108 square foot condo with a panoramic ocean view also in the Vista Pacifica tract.

Today, there are 27 Condos sold In Escrow, and the median price is $612,000. The lowest priced condominium is a 2 bedroom, 1.5 bath, 1,002 square foot property on El Camino Real. The highest price condo in escrow is a 3 bedroom, 3 bath, 2,386 square foot property with a panoramic ocean view on Arenoso Lane.

In the past 30 days, there have been 24 Condos sold that closed Escrow . The Average price of these Condos were $676,541 and the Average time of Market was 53 Days. The Median Condo price sold in the last 30 days was $602,000 in San Clemente, CA. The lowest priced condo sold and closed in San Clemente in the past 30 days, is a 1 bedroom, 1 bath, 495 square foot condo that sold for $330,000 in the Vista Oceana tract. The highest priced condominium sold in the past 30 days, was $1.5 Million for a 4 bedroom, 3.5 bath, 2,6000 square foot custom built condo with ocean and Catalina island views.

In summary, although the San Clemente Real Estate market has been slowing down over the past 4 months, it is currently still healthy and the future looks bright. If you would like to search for all San Clemente Real Estate listed for sale, just visit our website at: San Clemente MLS Home Search.

Technorati Tags: Real Estate, Orange County, Condo, Home

Ladera Ranch Current Home and Condo Prices

Vincent Bindi — Mon, 01 May 2006 22:50:24 -0700

Today in the beautiful master planned community of Ladera Ranch there are 212 Detached homes Active for sale. The median price of these homes is $1,137,000 and the average price is $1,368,738. The average price per square foot for these detached houses is $420 and the average days on market is 63 days. The lowest priced detached home is a 3 bedroom, 2.5 bath, 1,400 square foot home for $624,900 in The Trails tract, and the highest priced home is 6 bedroom, 5 bath, 8,441 square foot estate in Covenant Hills priced at $5,900,000.

For all detached homes that have accepted a contract and are pending in Ladera Ranch, there are currently 52 homes In Escrow. The median price of these homes In Escrow is $999,876. The average price per square foot for these homes is $386 and the average Days on Market is 45 days.

For the month of April, 2006', there have been 30 detached homes that have sold and closed escrow in Ladera Ranch. The median priced detached home sold and closed was $830,000 and the average priced home was $1,026,121. With the average days on market of 59 days and the average price per square foot was $403. The least expensive home was a 3 bedroom. 2.5 bath, 1,400 square foot home for $605,000 in The Trails tract and the highest priced home was a 5 bedroom, 6.5 bath, 6,108 square foot estate, again in Covenant Hills. For the month of April for 2005', there were 47 detached homes sold with a median price of $731,000 for a yearly appreciation rate of 13.5%.

For attached Condominiums, there are 105 Condos currently listed for sale in Ladera Ranch. The median price for these Condos is $569,900 and the average price is $589,850. The average price per square foot is $370 and the average days on market is 48. The lowest priced condo is a 1 bedroom, 1.5 bath 1,100 square foot Condominium priced at $434,900 in the Valmont tract, and the highest price is a $769,999 3 bedroom, 2.5 bath, 2,130 square foot condo in the Bannister Street tract.

On this day, there are 16 Condos sold In Escrow in Ladera Ranch. The lowest priced condo is 1 bedroom, 1.5 bath, with 1,100 square foot in the Valmont tract and the asking price was $420,000. the highest priced condominium in escrow is 3 bedroom. 2.5 bath, with 2,000 square foot in the Branches tract and was priced at $699,900. The median price for these condominiums is $540,000.

For the month of April, there were 17 Condos that sold and closed escrow in Ladera Ranch. The lowest price was a 1 bedroom, 1.5 bath, 1,000 square foot condo in the Sansovino tract of Ladera Ranch. The highest price was a 4 bedroom, 3 bath, 1,850 square foot condo with 2 car garage in the Sycamore Grove tract. The median priced Condo was $516,500 and the average price $521,699. The average price per square foot was $371 and the average days on market was 39 days. In April of 2005', there were 30 Condos sold in Ladera Ranch and the median price was $499,000 which is a 3.5% yearly appreciation rate.

If you would like to view all homes for sale in Ladera Ranch, visit our website at: Ladera Ranch Real Estate

Technorati Tags: Real Estate, Orange County, Condo, Home