Home prices up in 55% of O.C.

February 26th, 2010, 9:20 am by Jon Lansner

For the 22 business days ending February 5 – DataQuick’s freshest stats — Orange County homebuying patterns showed:

• 61 of O.C.’s 83 ZIP codes had gains in their respective median selling price. Overall, prices were +14.9% vs. a year ago.
• Taking sales volume in consideration, home pricing is up in ZIPs representing 55% of the Orange County market.
• 7 of 83 O.C. ZIPs had median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007.
• Since that pricing pinnacle, there’s been a -34% drop in the countywide median price!
• 44 of 83 O.C. ZIPs had year-over-year sales gains in the period.
• Overall, countywide sales were +7.7% vs. a year ago.
• 11 of 83 O.C. ZIPs has sales gains of 100% or more in the period.
• NOTE! 32 local ZIPs had both sales gains and price gains in the period. (Highlighted in green below!)
• For a detailed report on the price moves, CLICK HERE!

Below is a look at the 83 ZIPs and how they fared in terms of median selling price and total sales for this period.

Also, want to see what kind of housing the median price buys in a specific neighborhood? Click on the ZIP code, and you’ll see current for-sale listings in the median’s “ballpark” — a range from 10% below to 10% above — in that ZIP …

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Standard Sales- A Breath of Fresh Air

This may sound odd but in the past 2 years of my Real Estate career, I've been dealing mainly with short sales and REO properties in the Orange County area. Recently, I've been seeing more and more standard sales popping up out of no where. I feel like homeowners with equity are feeling more comfortable and are more willing to sell. I have 3 properties in escrow right at this moment and they all happen to be standard sales! Oh I can't express how great it feels to be dealing with the actual transaction the good ol' way. Dealing exclusively with the selling/buying agents and buyers/sellers is really the way it should be. I can't complain because I spent the past couple of years dealing with banks, loss mitigation departments, negotiators, and nothing but 3rd party people which I am very grateful for because it has taught me patience and I just learned a lot about the how things are done at the banks. Not to say that this is going to end any time soon but I really just wanted to voice my opinion on how seeing and dealing with these standard sales are truly "like a breath of fresh air!"

Irvine has 462 homes for sale.

103 of those are short sale listings.

10 of those are REO lender owned after foreclosure.

203 of those for sale are detached single family homes.

133 Irvine homes were sold the last thirty days.

Market time for Irvine homes is now 3.4 months (time it would take to sell all listed homes are current market rate of sale).