The Fountain Valley housing market

October 6, 2010 by
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Official seal of City of Fountain Valley
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The Fountain Valley housing market, found in the midst of the larger Orange County real estate market, saw a decrease in both the number of units sold and the median selling price. A September 14, 2010 article from the Orange County Business Journal noted that “The median price of an existing Orange County home in August rose to $440,000, a jump of more than $12,000 or about 3% from a year earlier, according to a report from San Diego-based MDA DataQuick, a unit of Canada’s MacDonald, Dettwiler and Associates. The number of sales saw a 9% slide in August from a year earlier as the mix of nicer homes sold upped the median price. The evaporation of the federal tax credit prompted a two-month slump from a June high of 3,423 homes sold at a median price here of $445,000. Prices rose in July to $450,000 from June as some home sellers felt the hangover of higher prices, but corrected to $440,000 in August on relatively flat sales. Sales last month were 2,538, down from 2,790 a year earlier, but up slightly from the 2,527 sales seen in July. Overall, Southern California home prices and sales showed an even bigger disparity, with prices rising 4.7% to $288,000 in August from a year earlier, but with sales falling almost 14% in the same period. Southland sales totaled 18,541 in August, down from 21,502 a year earlier and 18,946 in July.”

This perceived uncertainty in the median price of a Fountain Valley home for sale was cleared up somewhat by a September 22, 2010 report also from the Orange County Business Journal. This piece, composed by Mark Mueller, stated that “The median price of an existing Orange County home slipped below the $500,000 mark in August, while sales here also saw a second straight month of declines, the California Association of Realtors said Wednesday. The median price for an existing stand-alone OC home sold in August was $499,580, a $14,600 or 2.8% decrease from July and about the same price homes here were selling at a year earlier. The area’s median sales price now is up 18% from the recent bottom of the market, seen in January 2009, according to the association’s figures. Prices here are still off more than 33% from the peak of the market, when the median sales price for an OC home topped $747,000 in April 2007. The number of sales here in August fell by 7.3% from a month earlier, the Realtor association said. Sales were down 11.2% from a year earlier.”

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