Profile of an Orange County Home

The average price of new homes in Orange County doubled between 1982 and 1990 but has eroded since then. But as expensive as Orange County buyers think property is here, the average home price of $291,700 is a pittance compared with the cost of the state’s most expensive dwellings. Honors for priciest homes go to Marin County, with an average of nearly $625,000.

Historical Reference

The average new-home price in Orange County hit its peak in 1990 and has dropped by 14.5% since then. The average price per square foot has also declined--by about 14% since 1989. Average price 1992: $291.7 Average living area (square feet) 1992: 2,170 Average cost per square foot 1992: $134.42

More Is Less

Local new-home prices increased last year as buyers chose houses with more bedrooms. But the average price of a larger home is less per square foot.

2 bedrooms 3 bedrooms 4 bedrooms Average price $187,400 $274,300 $351,400 Living area (sq. ft.) 1,280 2,010 2,730 Price per sq. ft. $146.41 $136.47 $128.72

Orange County Preferences

Modestly priced homes are rare in Orange County; fewer than 15% of the new homes here cost less than $170,000, compared with 41% statewide. And three out of four county buyers prefer three- or four-bedroom homes, slightly less than state averages. Price Distribution: $129,999 and below: 1% $130,000 to $169,999: 13% $170,000 to 289,999: 47% $290,000 and over: 39% Number of Bedrooms: Fewer than two: 2.0% Two: 18.9% Three: 37.5% Four: 36.5% Five or more: 5.0%

Across California

The San Francisco Bay area had the priciest real estate in the state last year. Detached homes cost an average of $439,433, compared to $283,233 in Southern California. The statewide average was $225,500. Southern California

County Average Home Price Los Angeles $378,300 Ventura 341,500 Orange 339,600 San Diego 274,100 San Bernardino 186,900 Riverside 179,000

Northern California

County Average Home Price Marin $624,500 San Mateo 560,800 San Francisco 413,600 Santa Clara 409,900 Alameda 346,300 Contra Costa 281,500

Fluctuating Prices

Except for Marin County, the biggest gains in new-home prices in 1992 were in smaller counties.

Biggest gains

County ‘91-’92 Change Marin +24.6% Fresno 12.2 Kings 10.3 Yolo 10.0 Imperial 5.5

Biggest declines

County ‘91-’92 Change Santa Clara -21.1% Stanislaus -17.0 Merced -15.0 Los Angeles -13.8 Contra Costa -13.0

Source: Construction Industry Research Board