Check out these 7 Orange County neighborhoods where homebuyers paid above list price – Orange County Register

How hard is it to find a relative housing bargain in Orange County?

Well, June buyers in seven Orange County neighborhoods on average paid above what sellers were asking.

According to ReportsOnHousing, the average Orange County residence sold in June for $849,616 vs. an average listing price of $867,497. That translates to a countywide sales-to-list-price ratio of 97.9 percent. Or that the typical seller accepted $17,881 less than they wanted.

For all you price watchers: ReportsOnHousing tracks the market based on average pricing. Another data tracker, CoreLogic, uses median pricing, the mid-point of all sales. That math showed a median sales price of $695,000 for June.

But in seven markets — communities with housing priced below the countywide average — buyers paid up to win the property, ReportsOnHousing said. Lower-priced homes are in short supply and often are targets of intense bidding by motivated buyers.

Portola Hills had the highest sales-to-list-price ratio in June. It’s $752,200 average sale price compared to listing prices of $735,257. That’s a 102.3 percent ratio or $16,943 above what sellers were last asking for.

Next was La Palma, where the average home sold for $726,333 vs. a $718,607 list price. That’s a 101.1 percent ratio or $7,726 above the seller’s ask.

Stanton ranked third with a $422,075 average price, 101 percent of the list price or $4,033 above asking price.

No. 4 Westminster’s average home sold for $634,715, 100.9 percent of list or $5,504 the asking price.

Also above 100 percent sales-to-list-price ratio was Buena Park ($580,144, 100.8 percent ratio or $4,545 above list); La Habra ($480,669 average, 100.8 percent ratio or $3,707 above list); and Cypress ($675,159 average sale, 100.4 percent ratio or $3,014 above list.)

At the other end of the pricing spectrum — both in terms of cost and discounts — high-end communities required the biggest concessions from sellers.

The average Newport Coast home sold in June for $4.37 million vs. average listing at $4.83 million — a sales-to-list-price ratio of 90.6 percent. That’s the biggest percentage price cut in June, countywide. And it adds up to $454,000 below what sellers wanted.

Next was Newport Beach, where the average home sold for $2.19 million with a sales-to-list ratio of 93.9 percent or a $142,047 price cut.

Also: Peek inside homes that sold for well over their asking prices

Read the full article from the Source…

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