Orange County Real Estate Market Update
May 2007 report
"Housing activity this year will be somewhat lower than in earlier forecasts, with clearer analysis of the effects of stricter lending standards and a decline in subprime mortgage origination, according to the latest projections by the National Association of Realtors®. The latest predictions are for existing homes sales to be down 2.9 percent and prices to be down 1 percent compared to 2006. Most of our Orange County real estate markets are experiencing the drop in sales and prices that are being predicted by the National Association of Realtors®. However, figures for some South Orange County communities seem to contradict that trend.
April figures for Dana Point show the number of new listings decreased 16 percent compared to April 2006. Sold listings were down 22 percent during the same time period and market times increased 37 days or 59 percent. The average sales price increased 17 percent to $1,052,776.
Dana | New | Sold | Average | Average |
April 2007 | 83 | 32 | $1,052,776 | 100 |
April 2006 | 99 | 41 | $897,085 | 63 |
New listings in Laguna Beach decreased by 33 percent in April, while the number of homes that sold dropped by 9 percent. Market times increased by 11 days or 11 percent. During this same time frame, the average sales price decreased 21 percent to $1,898,862.
Laguna | New | Sold | Average | Average |
April 2007 | 54 | 29 | $1,898,862 | 108 |
April 2006 | 80 | 32 | $2,393,095 | 97 |
Laguna Niguel reported a 17 percent decrease in new listings in April 2007 compared to April 2006. Market times were up by 80 percent as the number of homes sold dropped 16 percent. The average sales price in Laguna Niguel showed a decline of 1 percent with the average sales price of $811,033.
Laguna | New | Sold | Average | Average |
April 2007 | 171 | 72 | $819,763 | 79 |
April 2006 | 205 | 86 | $811,033 | 44 |
Mission Viejo's average sales price declined 7 percent to $674,822, while sales decreased by 36 percent and market times increased by 42 percent. The number of new listings decreased by 10 percent.
Mission | New | Sold | Average | Average |
April 2007 | 341 | 117 | $674,822 | 71 |
April 2006 | 378 | 190 | $724,422 | 50 |
The San Clemente average sales price decreased 6 percent compared to April 2006, bringing the average price to $926,928. The number of new listings increased 27 percent, while sales dropped 20 percent. Meanwhile, the average market time increased with average market times of 93 days vs. 55 days in 2006.
San | New | Sold | Average | Average |
April 2007 | 198 | 56 | $926,928 | 93 |
April 2006 | 156 | 70 | $986,278 | 55 |
San Juan Capistrano's average sales price increased 24 percent this April, rising to $962,391. New listings increased by 7 percent. Market times increased 40 days or 62 percent and sales decreased 26 percent.
San Juan | New | Sold | Average | Average |
April 2007 | 91 | 23 | $962,391 | 105 |
April 2006 | 85 | 31 | $773,396 | 65 |
- March 2007 Real Estate Market Update
- February 2007 Real Estate Market Update
- January 2007 Real Estate Market Update
- December 2006 Real Estate Market Update
- November 2006 Real Estate Market Update
- October 2006 Real Estate Market Update
Current Real Estate Market Trends
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