Orange Coast Market Update
OC Median Home Price Up
Year-Over-Year, Fourth Month in a Row
The median price for single-family, re-sale homes in Orange County was up 16.3% in November compared to November 2008. This is the fourth month in a row the median price has been up year-over-year.
Home sales were down 12.5% from October, but were up 17.4% compared to last November. This is the seventeenth month in a row home sales have been higher than the year before. Year-to-date, home sales are up 17%.
Orange County condo sales were down 10.5% from October, but were up 27.1% year-over-year. Year-to-date, condo sales are up 33.3%. The median price dropped 8.5%. Year-over-year, the median price was up 11.3%.
Sales of new homes were up 28.3% in November, a drop of 17.7% year-over-year. The median price lost 3.9% month-over-month, but was up 10.1% year-over-year. In Aliso Viejo, real estate prices have been on a steady 7-14% increase depending on which report you read. Similarly, San Clemente has seen some housing market fluctuation in the sellers favor
A Little About Orange County
One of the most populated counties in the state, Orange County, California, lies along the Pacific coast of Southern California. Its county seat is Santa Ana, and though it has no definitive major city, it is home to downtown areas for towns including Anaheim, Santa Ana, Orange, Huntington Beach, and Fullerton. Anaheim is the main tourist draw, and Irvine is the county’s business center. There are also 34 unincorporated cities within the county. The county’s population was estimated at more than 3 million as of 2008, enough to give it the third highest population of all counties in the state. Four cities in the county each have populations of their own of more than 200,000.
Orange County makes up a total area of nearly 950 square miles, but it is the smallest county by land area is Southern California. The Santa Ana River runs through the county, flowing northeast to southwest through the middle region. The only natural lakes here are the Laguna Lakes in Laguna Beach. The county is known for being the setting for such shows as Fox’s “The OC” and “The Real Housewives of Orange County,” and is home to some of the most expensive neighborhoods in the nation.
Tourism is a driving force in OC, with attractions like Disneyland and Knott’s Berry Farm, in addition to a number of beaches stretching along more than 40 miles of ocean coastline. The city of Anaheim is home to such sports franchises as major-league baseball’s Los Angeles Angels of Anaheim and the National Hockey League team, the Anaheim Ducks. There are two water parks in the county, Wild Rivers in Irvine and Soak City in Buena Park. Outdoor recreation areas include Seal Beach National Wildlife Refuge and Cleveland National Forest. The Richard Nixon Presidential Library & Museum is found in Yorba Linda.
The county’s main major airport is the John Wayne Airport, located near Santa Ana. The OC Transportation Authority operates a network of bus routes, comprising 6,542 stops on 77 lines. In addition, Metrolink runs three commuter-rail lines within OC and offers connecting service to Amtrak trains. OC is home to the headquarters of four Fortune 500 companies, as well as a number of smaller companies, particularly those in the technology and fashion/retail sectors. Several shopping malls dot the county, including the well-known, upscale South Coast Plaza in Costa Mesa and Fashion Island in Newport Beach. The county’s Anaheim Convention Center is the largest center of its kind on the West Coast. There are 26 public school districts, dozens of privates schools and around two dozen colleges and universities providing educational services within the county.
Orange Coast Market Update