Widely known across the nation as being the county that is home to some of the country’s priciest real estate, Orange County has earned a name for itself for its lifestyle of luxury. The OC community Seal Beach is no exception, as it was named the top community in Orange County in 2008. But this community has suffered in recent years from a drop in home values and a rise in foreclosures. The community’s real estate trends show that the town is still struggling to fight its way out of a dampened real estate market.
The Seal Beach real estate market in February saw troubling signs, as both sales activity and home prices fell compared with a year earlier. According to the Orange County Register, in February, there were six homes sold in Seal Beach, a decline of one-third from one year prior. In addition, the median price of these six homes sold in Seal Beach was $617,500, enough for a decline of nearly 15% from prices in February 2009.
Looking back at data from a three-week period ending Jan. 14, we can see a more steady view of Seal Beach homes for sale. During that period, there were 10 homes sold in the community, which maintained the same level of a year earlier. Likewise, the median price for home sold during the December-January period was $787,500, a slight 1% increase from a year earlier. But as we can see from these statistics, that median price has fallen quite a bit just from January to February. Perhaps there was simply a large supply of lower-priced Seal Beach homes sold, or perhaps it is a more disturbing trend showing that the market still has room to fall more.
As of March 1, also according to the Orange County Register, a full one-quarter of Seal Beach homes on the market had seen a cut in price. These homes were seeing an average cut of 10% from the original price, working out to a decrease in asking price of more than $50,000.
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