Orange County CA Buyers want Bargains on Every Home

Orange County CA Buyers want Bargains on Every Home

Condo sales increased by 15% in October 2015 reports The Orange County Register.

Bargain shoppers are still house hunting with vigor in Orange County, CA.
Condominiums have become a hot ticket for buyers trying to get the most value for their dollar. With Home Prices in Orange County, CA some of the highest in the nation, Home Buyers have to turned to Condos in record numbers seeking affordability.

3000 The Plaza in Irvine, center, one of five Orange County high-rise condo towers that's still owned by individual owners.

3000 The Plaza in Irvine, center, one of five Orange County high-rise condo towers that’s still owned by individual owners.

For the 22 business days ending October 16, CoreLogic reports that condo resales totaled 968 — up 15 percent from a year ago. The median selling price for condos was $425,000 — up 6.3 percent from a year ago.

Countywide, 3,286 Orange County residences sold in the mid-October period, up 12.2 percent from a year ago. Orange County’s median selling price for all residences was $610,000 — up 6.1 percent compared to a year ago

Sales rose in 59 of 83 Orange County ZIPs compared to the year-ago period, with sales growth strongest in lower-price communities. In the 27 least expensive ZIPs — median sales price at $549,000 and below — total sales were up 15.9 percent compared to a year ago.

At the pricier end of the market in the mid-October period:

• Builders sold 303 new homes, down 4.4 percent from a year ago. The median price for newly constructed residences was $876,000 — up 16.6 percent from a year ago.

• In the 27 priciest ZIPs — median sales price beginning at $690,000 — sales were up 11.5 percent compared to a year ago.

• The six Orange County ZIP codes with median selling prices above $1 million had 173 sales, up 4.8 percent compared to a year ago. The most expensive ZIP code was Newport Coast 92657 at $2.7 million.

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