Orange County, Ca Real Estate Market Trends | May 2008

May 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
May 2008

 

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,†he said.

Let’s take a look at the May 2008 sales statistics to see how things are looking in the Orange County real estate market:

May 2008 figures for Dana Point show the number of new listings decreased 24 percent compared to 2007. Home sales remained the same, while market times increased to 100 days or 45 percent. The average sales price decreased 36 percent to $898,989.


Dana
Point

New
Listings

Sold
Listings

Average
Sales price

Average
DOM

May 2008

81

29

$898,989

100

May 2007

107

29

$1,404,703

69


New listings in Laguna Beach decreased 28 percent in May and the number of homes that sold decreased by 53 percent. Market times increased 42 percent and the average sales price increased 27 percent to $2,545,312.

Laguna
Beach

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

May 2008

65

16

$2,545,312

101

May 2007

90

34

$1,99,147

71


Laguna Niguel reported a 31 percent decrease in new listings in May compared to a year earlier. Market times increased by 46 percent as the number of homes sold increased 19 percent. The average sales price in Laguna Niguel declined by 22 percent to $667,182.

Laguna
Niguel

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

May 2008

126

82

$667,182

86

May 2007

183

69

$854,855

59

Mission Viejo's average sales price decreased 20 percent to $541,655, while sales decreased by 39 percent and market times increased 30 percent. The number of new listings decreased by 51 percent.

Mission
Viejo

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

May 2008

175

89

$541,655

79

May 2007

357

145

$679,588

61

The San Clemente average sales price decreased 20 percent compared to May 2007, bringing the average price to $906,541. The number of new listings decreased 27 percent, while sales decreased less than 1 percent. Meanwhile, the average market time increased 19 percent, with average market time of 105 days vs. 88 days in 2007.

San
Clemente

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

May 2008

133

58

 $906,541

 105

May 2007

 181

 59

 $1,136,421

88


San Juan Capistrano's average sales price decreased 42 percent, bringing the average price to $535,797. The number of new listings decreased by 2 percent, while market times increased 18 days or 23 percent. Sales decreased 13 percent.

San Juan
Capistrano

New
Listings

Sold
Listings

Average
Sales Price

Average
DOM

May 2008

82

28

$535,797

98

May 2007

84

32

$922,309

80


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

 

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