In September 2014, Anaheim Hills home sales remained very strong year-over-year. The median for all homes sold increased 33% from the prior year to $620,750. That’s $40K higher than last month’s median.
Drilling down a bit deeper into the statistics, we learn that in September there was a total of 48 closed real estate transactions in Anaheim Hills; 39 of which were single family residences and 9 condominiums and/or town homes. The sales in units was even with last month’s sales and almost 50% higher than the prior two months combined. There were five luxury property sold in September totaling approximately $7.5M in sales. The average days on market for homes in Anaheim Hills was 76 and significantly lower (20 plus days shorter) than last months average market time.
Based on the above facts, we continue to see a significant increase in luxury home sales. We believe this trend will continue for the next few months as the luxury segment of our market is currently appreciating. Today, there are 134 homes for sale in Anaheim Hills (Active on the MLS), 32 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 6.4% to $585,000. That’s $5K lower than last month’s OC median an even with Junes.
Condominium values rose 5.3% year-over-year to $400,000 and are $19K lower than last month’s median.
Resale homes had year-over-year gains to 6.4% to $650,000 and $1K higher than last month.
New construction had a 10.3% price increase during the same period with a median sale price of $768,500 and $63K lower 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