Have looked at October Sales data for OC/Ventura County at LA Times. OC Mediam sales price IS $670,000
for 2,159 sold homes. Ventura shows 706 sold at $629,000 median price. These are for existing homes and does not include condo sales. Data shows a 17.5 % price change increase over oct 2004 for both counties. My question is do these figures reflect deals which were made in august/sept near Bubble Peak? Also, the data provided does not show number of homes sold VS last Oct 2004. As far as sales prices for each ZIP CODE, most show inceases in 20-30 % range but 22-23 zips (out of 110 total) show 10% or less price increases. The under 10% class is without exception all upper tier priced home($700 thousand and up). 5 zips showed negative price change with newport beach 92663 average price $1.8 million dropping -18.8%. Making conclusions about a possible bubble burst from this data impossible:figures show 78% increase in one zip to 8% at this zip to -2.6 % at yorba linda 92886. Same with condo prices changes.
I am no expert but have been perusing average 4-5 article a day on the impending bubble burst(?). It seems to me that SCal RE prices are dangerously overpriced by average 20-30 percent. The main reason i say this is affordability and income/price ratios.
We’ll find out early next year how it turns out.
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