July 2014 was a great month for Anaheim Hills. The median for all homes sold increased 10.7% from the prior year to $595,000. That’s $38K higher than last month’s median and $88K higher over the past 60 days in Anaheim Hills.
Drilling down a bit deeper into the statistics, we learn that in June there was a total of 56 closed real estate transactions in Anaheim Hills; 39 of which were single family residences and 17 condominiums and/or town homes. The sales in units was inline with last months sales and almost 30% higher than the prior month. Only one luxury property was sold in June. The average days on market for homes in Anaheim Hills was 64.
Based on the above facts, we believe that there will be more luxury home sales closing in the coming months and that the median for Anaheim Hills should see a significant spike from it. Today, there are 142 homes for sale in Anaheim Hills (Active on the MLS), 37 of which are condominiums and the remaining 105 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 8.4% to $585,000. That’s $15K lower than last month’s OC median.
Condominium values rose 5.1% year-over-year to $399,500 and are $5K lower than last month’s median.
Resale homes had year-over-year gains to 5.6% to $645,000 and $5K lower than last month.
New construction had a 14% price increase during the same period with a median sale price of $805,500 and a few thousand 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.
For more info go to: http://dqnews.com/Charts/Monthly-Charts/OC-Register-Charts/ZIPOCR.aspx