O.C. Existing Home Prices Rise 2%

Prices of existing homes rose a modest 2.2% last month in Orange County, offering evidence of stability in a recovery that for the first time in nearly a decade is reaching into all price ranges of the region’s real estate market, a data research firm reported Monday.

The median sales price of existing homes climbed to $206,000, compared to $201,500 in the comparable month a year ago, according to DataQuick Information Systems in La Jolla. Sales activity in the same category was virtually unchanged from a year ago, but down 18% since August, partly reflecting what analysts called a seasonal slow-down.

Overall, the median sales price across all home categories, including existing homes, new homes and condominiums, was $193,000, unchanged from a year earlier. Total sales volume increased 4.6% to 2,933.

“It’s not spectacular, but it’s solid,” said John Karevoll, an analyst with DataQuick, who added that the recovery appears to be gaining traction in almost every sector of the market, from condominiums to luxury homes.

“There’s a balance to the market we probably haven’t had since the mid-1980s,” Karevoll said.

The market has been particularly favorable to first-time buyers in recent years, but Barbara Amstadter, an agent with Prudential--Jon Douglas Co. in Newport Beach, said the luxury market is also gaining strength.

“I’m having a flurry of activity, including two sales within one week on Linda Isle in Newport Beach,” said Amstadter, referring to the exclusive, gated island in Newport Harbor. “Buyers are tough and demanding still, but I’m not hearing the same kind of resistance, the waiting for prices to hit bottom.”

The Southern California real estate market has been improving for about a year, analysts said, and sales in the second quarter were the strongest in five years. Orange County’s market showed strong year-to-year gains at the beginning of 1996, but sales have slowed in recent months.

Last month’s meager sales volume increase was the lowest so far this year, DataQuick said. But Karevoll pointed out that the region’s recovery is now a little more than a year old, which means that recent statistics no longer enjoy the advantage of being compared to the dismal figures of early 1995.

As a result, “we’ll probably have year-over-year even sales counts the rest of the year,” Karevoll said.

The market for new housing cooled in September after prices had jumped more than 17% in August. Still, the market was fairly active, with sales volume up 8% from a year earlier to 550. Median prices rose about 1% to $219,000.

Activity surged in the battered condominium market last month, as the number of condo sales soared 22% from a year earlier to 555 units, while median prices plunged nearly 5% to $123,000. Some brokers said low prices are starting to attract bargain hunters.

“Right now, I’m doing primarily condos and townhomes,” said Joanne Nickel, an agent with McGarvey Clark Realty in Fullerton.

Nickel said she sold three townhomes in gated Fairview Village in Fullerton last month, including the sale of a $270,000 model overlooking a golf course. That same model would have fetched at least $65,000 more in the early 1990s, she said.

Nickel also said the number of listings has started to diminish as the market enters a seasonal lull. “A lot of people are saying, ‘Let’s wait till spring,’ ” she said. “The holidays are coming and people have a lot of other things on their minds.”

Karevoll said home prices are “probably 2% to 3% off the bottom,” meaning they have inched up from the nadir of spring 1995. By next spring, he said, Orange County could see prices rising by about 4% per year, a pace of recovery other regions of the state, including the San Francisco Bay Area, have already attained.

The number of homes entering foreclosure in Orange County last month was 923, Karevoll said, roughly the same as a year ago, but down 43% from a peak in foreclosure activity in the early spring.

Orange County Home Sales

Orange County home sales totaled 2,933 in September, the second-highest volume for the month in the last five years. Sales were up 4.6% from the same period a year ago. The $193,000 median price was the same last September.

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Percent Median Percent Highest Community Zip Sales change price change price Aliso 92656 126 1.6% $170,000 6.3% $323,000 Viejo Anaheim 92801 18 -25.0% $136,000 -4.9% $161,000 Anaheim 92802 16 0.0% $149,000 -0.7% $225,000 Anaheim 92804 52 26.8% $153,000 0.0% $235,000 Anaheim 92805 32 -39.6% $135,000 -7.5% $227,000 Anaheim 92806 22 46.7% $164,000 -7.3% $230,000 Anaheim 92807 45 -4.3% $195,000 -14.8% $410,000 Anaheim 92808 102 36.0% $153,000 0.7% $382,500 Brea 92821 35 16.7% $202,000 3.3% $345,000 Buena 90620 34 3.0% $161,000 -0.6% $260,000 Park Buena 90621 16 45.5% $142,000 -18.9% $315,000 Park Corona 92625 16 6.7% $452,000 -30.5% $825,000 del Mar Costa 92626 35 6.1% $212,000 3.9% $380,000 Mesa Costa 92627 30 -16.7% $169,000 -19.5% $365,000 Mesa Cypress 90630 56 64.7% $233,000 13.1% $294,000 Dana 92624 8 0.0% $218,000 -12.8% $947,500 Point Dana 92629 38 -9.5% $219,000 1.9% $840,000 Point Foothill 92610 83 53.7% $193,000 -12.5% $340,500 Ranch Fountain 92708 58 3.6% $216,000 -5.3% $369,000 Valley Fullerton 92831 21 10.5% $211,000 38.8% $425,000 Fullerton 92832 10 0.0% $135,000 -9.1% $169,000 Fullerton 92833 34 41.7% $170,000 13.3% $335,000 Fullerton 92835 26 13.0% $210,000 -4.5% $662,500 Garden 92840 27 -34.1% $136,000 -8.7% $180,000 Grove Garden 92841 22 -4.3% $149,000 -3.9% $230,000 Grove Garden 92843 26 18.2% $132,000 -6.7% $183,000 Grove Garden 92844 14 -22.2% $133,000 -8.6% $185,000 Grove Garden 92845 12 -42.9% $177,000 1.1% $212,000 Grove Huntington 92646 43 -4.4% $214,000 8.6% $485,000 Beach Huntington 92647 47 4.4% $212,000 7.1% $335,000 Beach Huntington 92648 59 43.9% $261,000 22.5% $915,000 Beach Huntington 92649 42 -12.5% $251,000 -0.4% $775,000 Beach Irvine 92604 31 47.6% $192,000 -1.0% $297,500 Irvine 92606 17 54.5% $340,000 38.2% $429,909 Irvine 92612 41 86.4% $250,000 2.2% $700,000 Irvine 92614 29 52.6% $235,000 -9.6% $500,000 Irvine 92620 34 6.3% $277,500 32.5% $537,000 La Habra 90631 42 -2.3% $150,000 4.9% $290,000 La Palma 90623 14 -41.7% $211,000 -8.3% $300,000 Laguna 92651 32 23.1% $317,000 -25.1% $2,100,000 Beach Laguna 92653 83 38.3% $168,000 -0.6% $1,600,000 Hills Laguna 92677 146 41.7% $242,000 -19.9% $1,100,000 Niguel Lake 92630 71 -9.0% $179,000 0.0% $319,000 Forest Los 90720 13 18.2% $226,000 -24.7% $475,000 Alamitos Mission 92691 59 3.5% $179,000 -2.7% $303,000 Viejo Mission 92692 125 56.3% $235,000 5.4% $432,000 Viejo Newport 11 -50.0% $319,000 14.3% $503,000 0 Beach Newport 92660 40 0.0% $465,000 20.5% $2,000,000 Beach Newport 92661 9 80.0% $460,000 42.0% $1,300,000 Beach Newport 92663 26 0.0% $352,000 -37.1% $2,425,000 Beach Orange 92865 20 122.2% $158,000 -19.8% $245,500 Orange 92866 9 50.0% $162,000 -9.2% $210,500 Orange 92867 27 -27.0% $310,000 44.2% $840,000 Orange 92868 18 50.0% $118,000 -24.4% $180,000 Orange 92869 51 88.9% $233,000 27.7% $800,000 Placentia 92870 32 60.0% $213,000 2.4% $505,000 R. Santa 92688 83 13.7% $171,000 3.6% $275,000 Margarita S. Juan 92675 53 65.6% $203,000 24.5% $775,000 Capistrano San 92672 53 15.2% $215,000 -3.2% $1,315,000 Clemente San 92673 36 -20.0% $257,000 0.8% $500,000 Clemente Santa 92701 27 -46.0% $132,000 36.1% $175,000 Ana Santa 92703 27 -10.0% $122,000 -4.7% $160,000 Ana Santa 92704 38 -22.4% $118,000 -18.1% $219,000 Ana Santa 92705 37 54.2% $259,000 -16.2% $935,000 Ana* Santa 92706 29 38.1% $154,000 0.7% $230,000 Ana Santa 92707 45 9.8% $132,000 2.3% $213,000 Ana Seal 90740 14 0.0% $281,000 4.9% $500,000 Beach Stanton 90680 19 46.2% $101,000 -15.8% $150,000 Trabuco 92679 112 38.3% $237,000 -25.5% $651,000 /Coto Tustin 92782 18 -21.7% $188,000 -13.8% $424,000 Villa Park 92861 13 30.0% $445,000 3.1% $1,343,000 Westminster 92683 56 -21.1% $168,000 2.4% $305,000 Yorba 92886 53 -1.9% $236,000 0.0% $575,000 Linda Yorba 92887 32 6.7% $312,000 4.7% $500,000 Linda Others 3 10 Countywide 2,933 4.6% $193,000 0.0% $2,425,000 923

Entered Community foreclosure Aliso 21 Viejo Anaheim 14 Anaheim 9 Anaheim 23 Anaheim 29 Anaheim 11 Anaheim 17 Anaheim 5 Brea 13 Buena 18 Park Buena 10 Park Corona 2 del Mar Costa 19 Mesa Costa 10 Mesa Cypress 14 Dana 2 Point Dana 14 Point Foothill 3 Ranch Fountain 13 Valley Fullerton 3 Fullerton 5 Fullerton 17 Fullerton 5 Garden 14 Grove Garden 6 Grove Garden 13 Grove Garden 2 Grove Garden 6 Grove Huntington 19 Beach Huntington 17 Beach Huntington 7 Beach Huntington 1 Beach Irvine 14 Irvine 1 Irvine 6 Irvine 10 Irvine 5 La Habra 26 La Palma 2 Laguna 3 Beach Laguna 21 Hills Laguna 37 Niguel Lake 26 Forest Los 5 Alamitos Mission 17 Viejo Mission 27 Viejo Newport Beach Newport 3 Beach Newport 0 Beach Newport 1 Beach Orange 6 Orange 7 Orange 7 Orange 5 Orange 10 Placentia 13 R. Santa 31 Margarita S. Juan 14 Capistrano San 30 Clemente San 3 Clemente Santa 15 Ana Santa 22 Ana Santa 35 Ana Santa 23 Ana* Santa 9 Ana Santa 37 Ana Seal 2 Beach Stanton 15 Trabuco 15 /Coto Tustin 1 Villa Park 2 Westminster 26 Yorba 14 Linda Yorba 5 Linda Others Countywide

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*Includes Lemon/Cowan Heights

Sales, Price Trends Sales

1996: 2,933

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Median Price

1996: $193,000

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September Sales

‘96: 2,933

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September Median Price

‘96: $193,000

Source: Dataquick Information Systems; Researched by JANICE L. JONES / Los Angeles Times