Showing posts with label Beach cities swoon. Show all posts
Showing posts with label Beach cities swoon. Show all posts

Sunday, July 18, 2010

Beach town home sales swoon

While the affordable slice of the housing market enjoyed a sales boost from an expiring federal tax credit, Orange County’s beach communities had falling sales activity as the June 30 tax-break deadline arrived. (Then it was extended to Sept. 30.)

In June, DataQuick shows 553 homes sold in 17 Orange County beach cities ZIP codes — off 3% from May and just up 5% from a year ago. In May, beach homebuying was running 40% above a year ago.

Now in beach towns where the median selling price if $685,000 — up only 1.4% vs. a year ago — a tax break of up to $8,000 is no market mover. Still, in today’s climate, anything should help. But as beach sales fell 3% from May to June as the rest of the market saw sales rise by 7%.

Our region-by-region analysis of homebuying also shows …

  • 776 homes selling in Orange County’s north-inland ZIP codes in this most recent period, +16% from a year ago. Median selling price? $462,500 in these 22 ZIPs. This most recent median price change was +2.0% vs. a year ago.
  • Mid-county ZIPs — median selling price $350,000 – had 924 sales, -7% from a year ago. In these 25 ZIPs, the freshets median price change was +10.4% vs. a year ago.
  • Combined, total homes sales in ZIPs in the north and mid-section of Orange County were +2.2% vs. a year ago as homebuying the rest of the county ran +29.1% vs. 12 months earlier.
  • North/mid-county homes accounted for 51% of residences sold in the most recent period vs. 57% a year ago.
  • South inland ZIPs — median selling price $480,000 – had 1,097 sales, +46% from a year ago. In these 19 ZIPs, the latest median price change was +1.0% vs. a year ago.
  • All told, countywide sales were +16% vs. a year ago. The median selling price was +6% in the past year.

How did your neighborhood fare? Check our ZIP-by-ZIP data HERE!

Vote in our latest real estate poll HERE!

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