Orange County Proposed Housing Supply at 84,368 units, Q2, 2007
Future proposed supply in Orange County now totals 84,368 units, ranging from tracts with no entitlements to final maps currently grading. This is split into 43 percent single-family attached units, 24 percent single-family detached units, and 14 percent multi-family units. There are also 16,213 units or 19 percent that are early in the conceptual stage and the mix is currently unknown. Of the future proposed supply, 95 percent of the projects are in the early planning stages, with only 5 percent of the projects having a final map or final approval or under construction.
Of the proposed attached supply by submarket, Anaheim/Tustin (43 percent) and Newport Beach/Irvine (35 percent) have the majority of the units; Garden Grove/Santa Ana (13 percent), Mission Viejo/Aliso Viejo (8 percent), and Laguna Niguel/San Clemente (less than 1 percent) round out the proposed units.
The largest percentages of proposed detached units are located in Newport Beach/Irvine (43 percent), and Anaheim/Tustin (32 percent); Mission Viejo/Aliso Viejo (15 percent), Laguna Niguel/San Clemente (8 percent) and Garden Grove/Santa Ana (2 percent) round out the proposed detached units.
In the for-sale new home market, overall weighted average price in the second quarter was $924,864, up 9 percent from last quarter. Meanwhile, the weighted average home size increased 2 percent, resulting in a value ratio increase of 7 percent. Compared to the second quarters of previous years, the value ratio is 2 percent higher than 2006, and up 10 percent from 2005.
In the new home attached sector, Anaheim/Tustin had the largest price appreciation this quarter at over 6 percent, while Newport Beach/Irvine and Laguna Niguel/San Clemente had the largest price decline at over 23 percent. In the new home detached sector, Newport Beach/Irvine had the largest positive price movement this quarter at over 18 percent, lead by The Tides @ Crystal Cove with 11 net sales with a weighted average price over $7 million; Garden Grove/Santa Ana had the largest decline at over 13 percent.
In addition to MarketPointe’s quarterly surveys of Orange County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, Santa Clarita-Antelope Valleys, East Riverside, West Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed audit of new residential activity throughout Southern California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides new home and available land information, and real estate consulting services. The offices are located in San Diego and Orange County, with representation throughout California. For a complete housing report on a specific development region contact the nearest office, San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com/res_trends.shtml.
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