California News Blog

Anaheim, a neighborhood in the Los Angeles area, has suffered like many of its neighbors in the housing market downtown. With the onset of the financial crisis across the U.S., with ripples felt worldwide, the housing market in California began to take a dive, seeing home values plummet and foreclosures rise. Though the Anaheim real estate market is beginning to signs of improvement, it hasn’t made its way out of the woods yet completely.

Inventory is one area where the market has seen improvement in the area lately. According to the Orange County Housing Report, houses on the market as of Nov. 25 had spent an average of 2.74 months on the market before selling, down markedly from 7.14 months one year ago and 10.93 months two years ago. Much of the increased activity of these homes for sale in Anaheim can be attributed to the government’s program to offer tax incentives to home buyers in order to stimulate the housing market.

Prices in Anaheim, however, are still suffering and have not yet climbed their way out of the hole. One of the city’s ZIP codes featured a median home price in during a three-week period in November of $420,000, while another ZIP code featured a $375,000 median price. Those prices were down 9.7% and 35.3%, respectively.

The higher-priced market of real estate in Anaheim is also still suffering, with many homes stagnating on the market as buyers sit on the sidelines. As of November, according to local realtor Lesslie Giacobbi, there were nine homes for 29 homes on the market for more than $1 million, while there were more than 50 homes for sale in the under $1 million range, though those homes tend to spend less time on the market.