Orange County condos are hot, with sales running 26 percent above year-ago levels as of early June.
For the 22 business days ending June 5, 1,116 resale condos were sold vs. 886 in the year-ago period, CoreLogic reported. The median selling price for condos was $427,500 – up 5.6 percent from a year ago.
Condos, the housing market’s most affordable segment, posted the largest percentage gain in price and sales among three key categories:
• • Existing single-family homes had a median price of $665,000 in the most-recent period – up 2.5 percent from a year ago. Sales totaled 2,351, a 14 percent gain over the same time period.
• • The median price for newly constructed residences was $836,000 – up 5.2 percent from a year ago. Builders sold 333 new homes, down 18 percent from a year ago.
Orange County’s median selling price for all residences, for the 22 business days ending June 5, was $612,250 – up 2.9 percent vs. a year ago There were 3,800 residences sold in the period, up 13.3 percent from a year earlier.
At the neighborhood level, the gains are not universal. Prices were up in 26 of 83 Orange County ZIP codes vs. the previous year. Sales rose in 25 of 83 O.C. ZIPs vs. the year-ago period.
When you slice the market into three by price – from the most expensive ZIP codes to the least expensive ones – you find these sales trends:
• • In the 27 least expensive ZIPs – median sales prices of $511,000 and below – total sales were up 12.3 percent vs. a year ago.
• • In the 27 priciest ZIPs – median sales price beginning at $685,000 – sales were up 19.6 percent vs. a year ago.
• • In the rest of the market, sales were up 9.4 percent in a year.
