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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!

More on real estate …


Posted via email from Newport Beach Blog

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