Only 1690 homes are listed as closed sales on the OC MLS in January and the median price of those sales took another huge hit. $358,000 was the median sales price of all closed sales as reported on the MLS. That number is lower than any pending sales price I’ve tracked so far. The Data Quick number about to come out will probably be in the $375,000 range either number is a big hit from the December figures.
The median list price of pending sales seems to have stabilized a bit and ticked up to $370,000. I don’t think it points to any sort of market wide stabilization as I have three bedroom single family homes in escrow in Anaheim and Placentia at $237,000 and $270,000 respectively. Those are low prices that make sense for investors who can rent those properties and get a decent cash flow.
I know of a two bedroom condo in Laguna Hills that’s in escrow for $119,000. The low end of the market is still getting clobbered but I’m seeing more sales in the over $600,000 market for homes that were previously selling for over $800,000.
I’m afraid that our government is going to screw things up and prop up over extended home owners. The market is working just the way it’s supposed to with buyers scooping up what they perceive to be good deals on foreclosures. If the Fed’s start rewriting the bad loans people took out they had better rewrite mine too.
Brad Davidson
We Help-U-Buy Realty
