The April 2013 Dataquick home values report is out for Orange County (OC).
Over the past 12 months, the median value for all homes sold in the OC has increased 27.4% to $535,000. That’s 30K higher than last month’s median for all homes sold. Also, condominium values rose 30.7% to $364,750 (30K more than last month’s median) and resale homes 21.9% to $591,000 (26K more than last month’s median). New construction had a 12% price increase during the same period with a median sale price of $700,000 (50K higher than last month’s median).
Here in sunny Anaheim Hills, California the news is similar. Median home values, for all homes sold in the 92808 and 92807 zip codes, rose 22% over the past 12 months to $511,125. That’s nearly 14.5K lower than last month’s median for Anaheim Hills. For more info go to: http://dqnews.com/Charts/Monthly-Charts/OC-Register-Charts/ZIPOCR.aspx
For another month, we continue to see major increases in home values. Without a significant increase in both inventory and interest rates coupled with a decrease in demand for SoCal real estate, it’s hard to determine when the home value gains will slow down. For buyers, this means only one thing, sacrifice. Serious home shoppers’ intent on a successful mission need to be ready to act when they find the home they desire. This market is not for the weary. Buyers must also possess a 35% down payment as well as being prepared to waive appraisal contingencies. FHA and all other low-down payment buyers possessing no additional funds, should most likely wait this market out.