Beach towns such as Laguna Beach and Huntington Beach are leading Orange County in an increase in real estate sales in 2012. For many local residents and realtors, this is a sign that the long slog through the declining real estate market in the last couple years may be over. In a recent report from the DataQuick service for a 30-day period ending mid-April, data shows that 567 homes were sold in beach towns in the O.C., an increase of 23% from 2011 levels. Although the sales numbers are showing some improvement, the average sale price declined by 9.5% in beach towns to a price of $664,500. Beach towns accounted for over 20% of the overall sales numbers for Orange County.
Other areas in Orange County showed real improvement in real estate sales as well including Mid-County (786 homes up 19%), North Inland (689 homes up 14.3%), and South Inland (825 sales up 5%). Overall the volume of sales was up over 2011, but the average sales price continues to drop. Most experts agree that the declining average sales prices indicate there is still a large inventory of distressed properties including REOs. Area real estate experts point the fact that the increase in sales is a sign that more buyers are coming into the market and interested in buying Orange County homes at the lowest price possible.