As reported by the Orange County register, the median Orange County home price for the month of August reached $617,000, which is another record. A closer look at the market statistics reveals even more interesting information.
For south Orange County detached homes (from Irvine to San Clemente and from Dana Point to Rancho Santa Margarita), there were 577 homes sold last month in August, and the median sold price was $839,900. This is $222,900 higher than the median home price for all of Orange County. The average days on market for the month of August for south Orange County was 44 days.
For August of the year 2004, the median south Orange County detached home sold price was $769,000 with a total of 407 homes sold. Year to year that's an appreciation of 9%.
South Orange County Condos did even better in terms of appreciation over the past year. For August of this year, the were a total of 513 Orange County Condos sold, and the median Condo sales price was $600,000. For August of 2004, the total sales volume for Orange County Condos was 307 with a median sales price of $435,000. This is an appreciation rate of 37% year to year. The reason that Condos appreciated more percentage wise that detached homes is that they are simply more affordable and therefore there is more demand in these lower price ranges.
If you would like to view all homes listed for sale in Orange County, simply visit our website at: Orange County Real Estate.
