May 2014 was a lack-luster month for Anaheim Hills, the median for all homes sold decreased 8.4% from the prior year to $507,000. That’s also $118K lower than last month’s median for Anaheim Hills.
Drilling down a bit deeper into the statistics, we learn that in May there were a total of 48 closed real estate transactions in Anaheim Hills; 36 of which were single family residences and 12 condominiums and/or town homes. Also, there were 7 properties that sold for over $1M totaling more than $9.4M of its volume. This was also a on par with previous 30 days. The average days on marked for homes in Anaheim Hills was 72.
Based on the above facts, we are a bit baffled as to the why the median home values for the City significantly declined. Today, there are 138 homes for sale in Anaheim Hills (Active on the MLS), 29 of which are condominiums and the remaining 111 are single family homes. The inventory still remains relatively low for Anaheim Hills. The buyer demand remains high.
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 10.2% to $595,000. That’s almost $20K higher than last month’s OC median.
Similarly, Condominium values rose 11% to $405,000 or $10K higher than last month’s median.
Resale homes had year-over-year gains to 8.3% to $650,000. That’s $10K higher than last month.
New construction had 16.5% price increase during the same period with a median sale price of $798,000. That’s $10K 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 in 2015.
For more info go to: http://dqnews.com/Charts/Monthly-Charts/OC-Register-Charts/ZIPOCR.aspx