We analyze several housing market indicators in order to present an in-depth breakdown of Orange Real Estate Market comparing February 2009 to February 2010.
Summary of Key Points
Orange Real Estate has started showing signs of improvement with median sales price climbing.However Median days on market increased and Sellers received way less than asking price.
Key Statistics, Orange, CA: Median Sales Price (9.21%), Median Days on Market (120.79%), and Number of Units Sold (-27.14%), Sales Price to List Price Ratio (Feb 09 97% – Feb 10 87%)
Orange Real Estate
The city of Orange experienced a 9.21% increase in median sales price from last year going up from $480,781 (Feb. 09) to $525,084 (Feb. 2010). Median days on market data for Orange shows that houses are selling slower than Feb 09. It took 45 days in Feb 09 for a house to sell and for Feb 10 that number has gone up to 98 days (a 120.79% deterioration). Another important factor to consider is total number of units sold. In the month of Feb 09, 70 units were sold compared to 51 for Feb 10 (-27.14% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Orange. SP/LP ratio for Feb 09 was 97% compared to 87% for Feb 10.
Let’s take a brief look at neighbors Garden Grove and Santa Ana. Garden Grove Real Estate featured a 3.17% increase in median sales price ($362,656 Feb 09 – $374,135 Feb 10) and Santa Ana Real Estate saw a 10.71% increase ($311,400 Feb 09 – $344,746 Feb 10). Are houses in Garden Grove and Santa Ana selling faster or slower this year? Well, Garden Grove experienced a 64.37% increase (36 to 59 days) in median days on market and Santa Ana saw a 110.50% increase (27 to 56 days). In the units sold category, Garden Grove sold 34 units less (-39.53%) in Feb 2010 than 09 and Santa Ana sold 47 units less (-34.81%) in Feb 2010 than Feb 09.