Statistically, February 2014 was not such a great month for Anaheim Hills home values, the median for all homes sold in Anaheim Hills declined 5% from the prior year to $473,750. That’s almost $90K lower than last month’s median for Anaheim Hills.
Drilling down a bit deeper into the statistics, we learn that in February there were at total of 38 closed real estate transactions in Anaheim Hills; more than half of which were condominium and townhome sales. Also, there were only 2 properties that sold for over $1 million dollars. Based on the above facts, the median for Anaheim Hills may be skewed due to the majority sale of condominium and townhomes and the lack of luxury/estate home sales. As the majority for February’s sellers are now trading up into single family residences and perhaps a few more luxury and estate home sales get on the books, we are convinced that, in March, the Anaheim Hills median will be significantly higher.
So let’s take a look at what is happening in the rest of Orange County. Over the past 12 months, the median value for all homes sold increased 18.9% to $567,000. That’s $17K higher than last month’s OC median; correcting the dip in median home value we saw in January.
Similarly, Condominium values rose 18.5% to $385,000 or $14K higher than last month’s median.
Resale homes had year-over-year gains to 17.3% to $621,000. That’s $21K higher than last month also correcting some of the declines we saw in January’s median.
New construction had 15.5% price increase during the same period with a median sale price of $780,750. That’s $70K higher than last month and sets a new record high for new home starts values since the Great Recession.
All-in-all, it appears that home values are stabilizing in Orange County. In 2013, we had predicted that the median value of all homes sold in Orange county would settle somewhere around $540K. It looks like our timeline for predicting where the OC median will settle was a bit premature. But, as the Federal Reserve continues to taper back its bond buying initiatives, for the short term, we firmly believe that OC home values will move down from here.
For more info go to: http://dqnews.com/Charts/Monthly-Charts/OC-Register-Charts/ZIPOCR.aspx