First American Title releases survey showing improvement in the Orange County real estate market
September 23, 1986, SANTA ANA, CALIFORNIA
The survey, released this week by First American's market research department, also states that during the last six months, the average sales price of a single family detached home increased $6,517.
At the survey's close, 68 developments were actively selling a combined total of 779 units. This represents a decrease of 33 percent from the 102 total number of projects selling at the time of the previous study, six months ago. Specifically, in the latest report, unsold units totaled 779, while the previous survey showed 1,175.
Activity in South Orange County has been vigorous, with 44 new projects scheduled to begin sales soon. The overall sales average increased 56 percent, with an average of 1.4 sales per week. Tracts active in April 1986 averaged only 0.9 sales per week.
The current average sales price is $199,852 as compared with $193,335 in the April 1986 study. Prices in the current survey ranged from a low of $109,990 for an 815 square-foot unit in Mission Viejo, to a high of $650,000 for a 3,569 square-foot home in Newport Beach. All of the 68 active developments offer conventional financing.
Copies of the residential sales survey for single family detached homes in Orange County are available free from the Market Research Department, First American Title Insurance Company, 114 East Fifth Street, Santa Ana 92701 or by calling (714) 647-4471.
Market studies of single family subdivisions, industrial parks and other real estate activities are available periodically by First American on a limited geographical basis.
First American Title Insurance Company, headquartered in Santa Ana, Calif., is the second largest title insurer in the nation with approximately 2,200 branches, subsidiaries, affiliates or agents throughout the United States and in Guam, Puerto Rico, the Virgin Islands and England.