OC Prices Still Falling
Sales up 2.9% nationwide, OC prices down 2.1%
There seems to be a prolific number of posts on the housing blogs about how sales are up while prices are continuing to fall (Redfin’s “Hey, Who Closed that Window?!” and “Desperado” for example).
Last Monday, the Californai Association of Realtors (C.A.R.) released data showing that sales of existing homes are actually up 2.9% across the nation (although still down in “the West” by 1.1%). NBC’s report interviewed realtor Matt Garrison who believes “prices are too low for buyers to ignore” and that buyers are starting to feel that prices are nearing the bottom. Of course, he’s a realtor banking on the market recovering, sooner rather than later.
According to C.A.R.’s press release, existing Orange County home prices fell 2.1% (compared to 4.8% statewide) in the last month. OC home prices are down 13.9% from a year ago. While this may seem grim, the statewide stats are nearly double with home prices falling 26.2% in the last year. And check out Santa Barbara County where prices have fallen 39.1% from a year ago (ouch!).
The median OC home price is now $596,520 (with CA’s median home price at $409,240). C.A.R.’s January release had the median OC home price at $609,030. In one month, we’ve seen a drop in the median OC home price of $12,510.
Are sellers in the OC keeping up? Here are some price reductions from those sellers that are realizing they’ve got to drop their price to move their house. I think the lesson learned from these examples is too little is too late when dealing with pricing your house.
225 East Mayfair Ave, Orange 92867
4 bed/2 bath; 1,328 sq ft house
Nov 15, 2007: $575,000 (original list price)
Mar 12, 2008: $499,000 (13% reduction)
Mar 25, 2008: $450,000 (10% reduction)
1418 South Flower St, Santa Ana 92707
2 bed/1 bath; 1,047 sq ft house
Jan 28, 2008: $480,000 (original list price)
Jan 29, 2008: $440,000 (8% reduction)
Feb 26, 2008: $375,000 (15% reduction)
Mar 25, 2008: $325,000 (13% reduction)
4 bed/3 bath; 1,801 sq ft house
Aug 1, 2006: $682,500 (original list price)
Jan 29, 2007: $660,000 (3% reduction)
Feb 3, 2007: $650,000 ( 2% reduction)
Nov 1, 2007: $639,000 (2% reduction)
Jan 10, 2008: $630,000 (1% reduction)
Feb 6, 2008: $625,000 (less than 1% reduction)
Mar 25, 2008: $620,000 (less than 1% reduction)
