35% of O.C. homesellers lost money
Tuesday, May 10, 2011
By Jonathan Lanser & Jeff Collins
The OC Register May 10th,2011,12:06am
Fewest money-losing sales
Most money-losing sales
Most frequent value loss
Fewest value losses
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Roughly one-in-three Orange County home sales in the first quarter — OK, it’s actually 35% — resulted in the seller accepting less than they paid for the house, according to real estate tracker Zillow.
Other highlights of Zillow’s latest report (REPORT HERE) tracking of falling local home values:
- Loss on sale rates varied throughout the county. Fountain Valley sellers were least likely to be losers (22.5% of deals made) among the local markets Zillow tracked; next was Newport Beach at 23.8% of deals made.
- Ladera Rach sellers took the most losses (74% of deals) followed by nearby rancho Santa Margarita (54%. of deals.)
- Those stats came from homes involved in transactions. When Zillow look at its database of all home values, Santa Ana had the fewest declines in value in the first (53% of residences) followed by Stanton (56.3% of residences).
- La Palma had the highest value decline rate (91% of all its residences) in the first quarter followed by Seal Beach (89.6% of homes. of residences.)
- Median selling price of $451,300 – that is -3.1% from the previous quarter and -8.0% vs. a year ago.
- Median selling price, per square foot, ran $266 – that is -1.9% vs. the previous quarter and -4.3% vs. a year ago.
- 22.1% of sales last quarter in this market were previous foreclosures.
- 32.5% of homes currently listed in this market have price cuts
