August Home Values Report Anaheim Hills & North OC

August 2014 Anaheim Hills remained steady year-over-year. The median for all homes sold increased 6.5% from the prior year to $580,000. That’s  $15K lower than last month’s median.

Drilling down a bit deeper into the statistics, we learn that in June there was a total of 68 closed real estate transactions in Anaheim Hills; 56 of which were single family residences and 12 condominiums and/or town homes. The sales in units was significantly higher than last month’s sales and almost 50% higher than the prior month. There were ten luxury property sold in August totaling close to $19M in sales. The average days on market for homes in Anaheim Hills was 84 or 25% longer than last months average market time.

Based on the above facts, we have seen a significant increase in luxury home sales – as we foretold in our June report. We believe this trend will continue for the next few months as the luxury segment of our market is currently recovering from its lows and is priced to sell. Today, there are 132 homes for sale in Anaheim Hills (Active on the MLS), 30 of which are condominiums and the remaining 102 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 5.4% to $590,000. That’s $5K higher than last month’s OC median.

Condominium values rose 15.1% year-over-year to $419,000 and are $20K higher than last month’s median.

Resale homes had year-over-year gains to 3.8% to $649,000 and $4K higher than last month.

New construction had a 17.5% price increase during the same period with a median sale price of $831,000 and $25.5K higher than last month.

All-in-all, it appears that home values are stabilizing in Orange County and that it is returning to a normal real estate market. Over the long haul and as the Federal Reserve continues to taper back its bond-buying initiatives, we firmly believe that, in 2015 & 2016, OC home values will decline slightly from their current levels.

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