Orange County, Ca Real Estate Market Trends | April 2008

April 2008 Orange County, California Real Estate market trends report. Price indicators, market update and average sales price by coastal Orange County cities.

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Orange County Real Estate Market Update
April 2008

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,†he said. â€œThe wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.â€

 

Let’s take a look at the sales statistics for Orange County in March 2008 to see if the how the spring market is shaping up:

March 2008 figures for Dana Point show the number of new listings decreased 18 percent compared to 2007. Home sales decreased by 21 percent during the same time period, while market times increased to 114 days or 18 percent. The average sales price decreased 6 percent to $949,829.

Dana
Point

New
Listings

Sold
Listings

Average
Sales price

Average
DOM

March 2008

68

27

$949,829

114

March 2007

83

34

$1,006,617

97


New listings in Laguna Beach decreased 25 percent in March and the number of homes that sold decreased by 37 percent. Market times increased 23 percent and the average sales price increased 11 percent to $2,175,657.

Laguna
Beach

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

March 2008

73

19

$2,175,657

111

March 2007

97

30

$1.955,329

90


Laguna Niguel reported a 27 percent decrease in new listings in March compared to a year earlier. Market times decreased by 12 percent as the number of homes sold dropped 47 percent. The average sales price in Laguna Niguel declined by 7 percent to $860,282.

Laguna
Niguel

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

March 2008

153

40

$860,282

72

March 2007

211

76

$798,496

82

Mission Viejo's average sales price decreased 24 percent to $536,878, while sales decreased by 63 percent and market times increased 4 percent. The number of new listings decreased by 69 percent.

Mission
Viejo

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

March 2008

133

66

$536,878

80

March 2007

375

176

$702,996

77

The San Clemente average sales price dropped 17 percent compared to March 2007, bringing the average price to $835,453. The number of new listings decreased 10 percent, while sales decreased 32 percent. Meanwhile, the average market time increased 39 percent, with average market times of 109 days vs. 81 days in 2007.

San
Clemente

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

 March 2008

165

 45

 $835,453

 109

March 2007

 184

 66

 $1,002,317

 81


San Juan Capistrano's average sales price decreased 21 percent, bringing the average price to $686,517. The number of new listings decreased by 4 percent, while market times increased 43 days or 54 percent. Sales decreased 23 percent.

San Juan
Capistrano

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

March 2008

90

23

$686,517

123

March 2007

94

30

$865,933

80


All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.

If you want to learn more about Orange County real estate, please contact us at 949-285-3739 or visit GuideToLocalRealEstate.com.
To begin searching for Orange County homes, please use our Orange County MLS property search.  

 

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