Orange County Median Home Price Went Below $400,000

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Real Estate Agent with Elite Home Sales Team OC BRE# 02066030
https://activerain.com/droplet/x2T

Orange County Median Home Price Went Below $400,000

 Yikes, the median home price went below $400,000 lowest in 3 years.  It was $392,000.  We saw the statistics for the Thanksgiving through January take a big hit here locally.  It was much slower than usual.  Sales have fallen 3 percent in January.  Last month's transactions were 26 percent below the January average of 2,540 deals over the past 24 years.  Yikes again.

Both prices and sales went down significantely and that is just not good for the housing sector in California.  A larger majority of absentee buyers or second home buyers are in this market.  Thank God or we would be in even more trouble.  The majority of the absentee buyers are investors. 

We have a State that is negative to small business and is trying to increase taxes and we wonder why the prices keep slipping.  The high unemployment and the number of people under employeed is a serious problem to the overall California housing market.

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Rainmaker
1,017,196
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

This story is very sad.  We have gone through a lot at this time.

Feb 29, 2012 12:57 AM #1
Rainmaker
488,332
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

California is still struggling and I keep watching to see if a good time to help sell my family home in Rancho Mirage......and/or consider getting licensed in CA.

 

Mar 01, 2012 01:38 AM #2
Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Tim

It is sad but true.

Mar 01, 2012 05:44 AM #3
Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Now may be the best time to get the home sold.  Prices do not have an up side for many years.

Mar 01, 2012 05:45 AM #4
Rainmaker
2,373,865
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Ah say it an't so, prices have dropped a whopping 27% here since 08 and some same they have another 11 to go.

Mar 02, 2012 05:16 AM #5
Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Charles

We just can't get a break and come out of this down turn.

Mar 02, 2012 07:37 AM #6
Ambassador
1,851,067
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

One of my Real Estate mentors lives in OC, he was just up here for a visit trying to get re-established in our market - it's thriving - according to him - compared to what's going on at home. Sad. I wish you changing winds...:(

Mar 03, 2012 07:46 AM #7
Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I wish us the same that our market would dtake a positive turn.

Mar 03, 2012 09:10 AM #8
Rainmaker
4,080,497
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Like others above me, sure hope your market rebounds, and again shows a median price over $400,000.    

Mar 03, 2012 11:00 PM #9
Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

We all are hoping for that.

Mar 03, 2012 11:23 PM #10
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Rainmaker
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