Real Estate Breakdown

Garden Grove real estate, found in a rather exclusive suburban community, has been facing largely the same financial situation as the rest of Orange County, California. One high point for Garden Grove real estate for sale is the median home price, according to a February 23, 2010 article in the OC Metro. The article noted that “Orange County’s median home price rose 13.6 percent in January, compared to the same time last year, according to stats released by the California Association of Realtors.” The piece, composed by Kristen Schott, continued to say that “The region’s home price hit $480,790 in the period, up from $423,100 in January 2009. But the median price fell 3.1 percent from December, when the number was $496,070. The pattern was also reflected statewide, according to C.A.R., which measures its statistics from MLS information. California’s median home price increased 15 percent to $287,440 in January.”

This same pattern for Garden Grove homes for sale was noted by a February 23, 2010 article in the Orange County Business Journal. That piece stated that “The median price of an existing Orange County home declined by more than $15,000 in January from December, thanks in large part to an influx of first-time home buyers snapping up more affordable homes, the California Association of Realtors said on Tuesday.” The article, written by mark Mueller, also noted that “Including condos, the median price of a home here in January was $370,000, a 6.8% decrease from December, and a 15% decrease from a year earlier, according to San Diego-based MDA DataQuick…”

One traditional market of market distress, the number of short sales, increased in January of 2010, indicating a potential trouble spot for Garden Grove real estate for sale. According to a March 1, 2010 post in the Orange County Register, “Orange County home sales for less than a residence’s total debt increased 33.8% in January from the year before, Southern California Multiple Listing Service figures show. The listing service reported that 487 of January’s deals were ‘short sales’ – or sales in which the purchase price is less than mortgage balance.