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Report: Nearly half of O.C. sales were less than previous price

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An interesting piece of numbers-crunching by DataQuick’s Andrew LePage written up in the Orange County Register last week is worth a look: ‘In all, nearly half of Orange County homes sold this past spring went for less than their previous sale price. Among those homes, the median price drop was 27 percent, according to DataQuick Information Systems.’

More: ‘The number of homes selling for less is greatest in inland ZIPs, but even coastal ZIP codes where the median home price went up in the first half of the year, have significant numbers of homes selling at a discount, the figures show.’

The Register reports LePage examined 3,017 ‘paired home’ sales that occurred in Orange County from mid-April to mid-June.

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Analysis: There’s every reason to suspect this trend carries across Southern California. By one measure, Orange County does not have as much distressed housing as the rest of the region -- MDA DataQuick stats indicate that only 22% of July sales in Orange County were sales of previously foreclosed homes, the lowest percentage of any Southern California County (The highest percentage in the region is 64.4% in Riverside County).

Pictured: 3 Magnolia Drive in Ladera Ranch, which sold for $1.2 million in November 2005, and $840,000 in June 2008, according to Zillow.com.

-- Peter Viles

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