June 2014 was a great month for Anaheim Hills, the median for all homes sold increased 8.3% from the prior year to $557,000. That’s also $50K higher than last month’s median for Anaheim Hills.
Drilling down a bit deeper into the statistics, we learn that in June there were a total of 65 closed real estate transactions in Anaheim Hills; 44 of which were single family residences and 21 condominiums and/or town homes. That’s a 30% increase in closed sales month-over-month! Also, there were 2 properties that sold for over $1M totaling $2.3M of its volume. The average days on marked for homes in Anaheim Hills was 62.
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 136 homes for sale in Anaheim Hills (Active on the MLS), 26 of which are condominiums and the remaining 110 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% to $600,000. That’s almost $5K higher than last month’s OC median.
Similarly, Condominium values rose 4.2% to $400,000 or $5K lower than last month’s median.
Resale homes had year-over-year gains to 6.6% to $650,000 and remains unchanged from last month.
New construction had 17.2% price increase during the same period with a median sale price of $798,000 and remains unchanged from 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