March 2014 was a great month for Anaheim Hills home values, the median for all homes sold increased 11.8% from the prior year to $585,750. That’s also $112K higher than last month’s median for Anaheim Hills.
Drilling down a bit deeper into the statistics, we learn that in March there were a total of 39 closed real estate transactions in Anaheim Hills; 17 of which were single family residences. Last month we reported the complete opposite. with more than 50% of the sales being condominiums. Also, there were 3 properties that sold for over $1M totaling more than $5.2M in volume. This was also a major improvement from the previous 30 days. Based on the above facts, we feel that the median for Anaheim Hills is back on track and more representative of the areas home values. We also witnessed that last month’s condominium sales resulted in trade-ups into single family residences in March. We expect the Anaheim Hills home values median to settle around $600K in the coming months.
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 13% to $580,000. That’s $13K higher than last month’s OC median.
Similarly, Condominium values rose 19% to $398,000 or $13K higher than last month’s median.
Resale homes had year-over-year gains to 10.6% to $625,000. That’s $4K higher than last month.
New construction had 19.3% price increase during the same period with a median sale price of $778,000. That’s $2K lower than last month.
All-in-all, it appears that home values are stabilizing in Orange County. But, as the Federal Reserve continues to taper back its bond buying initiatives, we firmly believe that OC home values will decline 10% in 2015.
For more info go to: http://dqnews.com/Charts/Monthly-Charts/OC-Register-Charts/ZIPOCR.aspx
North OC Real Estate