In October 2014, Anaheim Hills home sales remained very strong year-over-year. The median for all homes sold increased 20% from the prior year to $525,000.
Drilling down a bit deeper into the statistics, we learn that in October there was a total of 54 closed real estate transactions in Anaheim Hills; 36 of which were single family residences and 18 condominiums and/or town homes. Even though the sales in units was on-par with last month’s sales, the median was $100K lower, condominium and townhome sales doubled, and there was only 1 luxury home sold in October. We attribute this market shift to the holiday season and feel that it has skewed the median home value for Anaheim Hills for the month. The average days on market for homes in Anaheim Hills was 89 and slightly higher than last months average market time of 76.
Today, there are 151 homes for sale in Anaheim Hills (Active on the MLS), 37 of which are condominiums and the remaining 114 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 $10K higher than last month’s OC median.
Condominium values rose 6.4% year-over-year to $400,000.
Resale homes had year-over-year gains to 6.7% to $651,000 and $1K higher than last month.
New construction had a 14.5% price increase during the same period with a median sale price of $804,500 and $36K 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