Orange County New Home Market Sales Making History
Coming off record sales volume lows last quarter, the Orange County new home market responded with new records, reported by MarketPointe’s Residential Trends Publication. “Since 1991, no single quarter has had a worse net sales volume performance than this current quarter” said Robert D. Matinez, Director of Research, MarketPointe™ Realty Advisors. Overall net sales volume fell nearly 20 percent from last quarter including a 17 percent drop in the attached sector and a 22 percent fall in the detached, all slipping to record lows. These sales volume declines occurred despite an increase in the number of active developments offering product to the marketplace. This increased level of activity is the first noted since the third quarter of 2007.
Overall weighted average price in the region increased 5 percent this quarter to $676,151. In the attached sector, weighted average price increased for the second consecutive quarter, albeit by a very slight 0.07 percent. This price increase was accompanied by a 7 percent increase in average home size which, when coupled with the change in price, resulted in a 6 percent drop in the attached value ratio. In the detached sector, the weighted average price increase nearly 9 percent to $918,848 for a 10 percent larger home. These nearly equal price and size changes resulted in a small value ratio decline per square foot.
After last quarter saw an increase in overall total inventory, this quarter experienced more than a 6 percent drop. Of the total inventory, 27 percent represent current available units while the remaining units are unreleased future phases of current developments. In the attached sector, the majority (62 percent) units remain for development, and 721 homes offered and unsold. The detached sector has 84 percent remaining for development. There are 307 homes offered and unsold, up nearly 8 percent from last quarter. At the sales rate of the past 12 months, the current level of available attached inventory would sell out in 8.5 months, with the detached lasting close to five months.
MarketPointe™ Realty Advisors provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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