Home sales in Orange County rose by 9.2 percent in March, compared to the same month a year ago, while prices fell by 7 percent, a real estate information service announced this week.
A total of 2,856 homes changed hands locally last month, compared to 2,615 in March 2011, according to La Jolla-based DataQuick. The median price of a home in Orange County in March was $400,000, down from $430,000 in March 2011.
Check out the prices and sales in your city in this chart.
In Los Angeles County, 6,772 homes were sold in March, up 2.8 percent from March 2011, when 6,590 were sold. The median home price was $306,000 last month, down 4.4 percent from $320,000 in March 2011.
A total of 19,953 new and resale houses and condos sold in Orange, Los Angeles, Riverside, San Diego, Ventura and San Bernardino counties in March, according to DataQuick. That was up 28.1 percent from 15,573 in February, and up 2.8 percent from 19,412 in March 2011.
"The year is young and lots could still change, but the results from the first big sales month of 2012 suggest the market is stuck in low gear," said John Walsh, DataQuick president. "This remains a very gradual -- not to mention fragile -- recovery. Last month's big gain in sales from February was seasonal. A lot more people get out and shop after the holidays and as spring approaches."
The median price for a Southern California home was $280,000 last month, up 5.8 percent from $264,750 in February but down 0.2 percent from $280,000 in March 2011, according to DataQuick.
Not writing new lower rate mortgages to everyone will stop extra possible cash flows from entering the recovery economies of housing and other soft and durable goods the qualifying loans are now based on stated income and not equity,, credit or payment record this has crushed the self employed and commissioned workers in a soft economies ,,, giving privilege to all the civil & corporate employees thus forcing the self employed to seek civil or union jobs or become poor and foreclosed on vote out the fascist incumbents or be France
These very firms are now bidding up the bank owned pools and paying as much as 95% of FMV. With the lack of inventory right now, this is anything but Artificial or Unsustainable. Speculators and make their case however being in the trenches and seeing this first hand leads me to believe we have hit bottom. The montra here should be "Catch the Bottom"
Both sellers and buyers will find that they can still meet their required objectives and close escrow, getting a great buy or selling at a reasonable price. It will take a bit of work but with the right expert advice, it can be done. As of 8:30 pm, San Clemente has just 209 active homes for sale listed in the MLS. With a population of over 63,000 according to the 2010 census statistics, that is the lowest in years, especially compared to Laguna Beach and their 22,000 plus residents, they have 243 homes currently available. Will the fabled "shadow inventory" have an effect, absolutely, but as Doug lays out in his piece above, the effect will be muted at best. The big money players recognize that the deals are out there.
The market for productive employment i.e. a good stable job which in its turn provides stability for a family and by extension a succeeding generation as they move through adolescence into higher education into a good and stable job marry have children and repeat the process... ...this market for productive employment this market made of people persons citizens these people need a stable market in HOMES not a shakedown machine equivalent to the stock and commodity markets the home has an accumulated meaning and purpose far greater than any appreciating or depreciating market instrument... ...no less than our natural resources which if stewarded instead of plundered for short-term gain if approached with a goal of balance stability and reciprocal relationship can sustain us and we them... People are not products. Why must we run them through these cold harsh machines these life and spirit sucking processes extrude them into molds like living coffins and insist that they be cheerful positive proactive and gay? Have we any decency? Have we greater dreams for the whole of humanity? Have we not, at the bottom of it, the courage to STOP?
www.youtube.com/watch?v=1G9Lpbf4bPA&feature=related
All depends on the demand in the AREA. Also, the number of foreclosures in the given AREA which directly effect demand and price. However, there will be a ton of foreclosures cleared from the books in the next two years. This is a fact. Will be great for buyers and hell for flipper sellers and realtors. Buyers will be able to haggle prices WAY down if the foreclosed house two blocks down is selling for a couple of hundred thousand less and is in the same development. Hope your not a realtor! Buckle up for a spendthrift ride. We have not even come close to hitting bottom!
As of 7:30pm April 27, 2012 San Clemente has a total of 195 active listings. San Clemente has 61,610 approximate residents. Last week at this time "Matt Davis" had posted on San Clemente Patch that we has a total of 209 active listings. That is a 9.33% change from last week. Well we are selling here in San Clemente. Although I cannot predict the future of sales, I can see the trends and see first hand what buyers are asking for. The frustrations of buyers right now is consistent. The consistent theme is: Where are all of the properties? They (The Buyers) are hearing the market is slow and that the market is flooded with foreclosures and short sales. So they should find these types of properties to get huge discounts and find that perfect deal. Well that may or may not be true. If you look at what the percentage of discount on sales of Bank Owned or Short Sale listings vs. Standard sale listings, you can see the gap has narrowed. Typically a short sale home would be sold at 15% on avg below a standard sale in Orange County. This really is no longer the trend. There is very little discount of a short sale vs. Standard sale. This means Short Sales and Foreclosures are moving in our Orange County market.