Real estate in Seal Beach, a western section of the Orange County housing market close to Los Angeles County, showed little positive movement in recent months, generally remaining stagnant despite many attempts to jumpstart the market. According to a report published by the Orange County Register, demand for Orange County residential properties declined by approximately nine percent over the last month and a half. This decline is despite relatively low interest rates and continually declining prices for several consecutive months. According to statistics provided by DataQuick, there were just under 2500 residential properties purchased in Orange County during April 2011, marking a decrease of approximately five percent compared to March 2011 and a decline of roughly seven percent relative to year ago levels. Regional sales figures performed even more poorly, declining to the lowest level recorded in three years for the month of April. The median sales price for Orange County, including Seal Beach and the surrounding areas, was $430,000 – substantially higher than nearby counties, which saw a fall of about two percent from April of last year. Orange County median prices, on the other hand, remained unchanged from both month ago and year ago levels.
Seal Beach houses and the rest of the Orange County residential market saw declines in median price over nine of the past ten months. Considering the brief boost the market received after the federal and state housing tax credits, it is unclear where exactly the market is in its overall cycle. Over the months of January, February, March, and April 2011, there were a total of 8.923 residential properties purchased throughout Orange County, representing a decline of approximately three percent compared to the first four months of 2010. However, that figure is thirty one percent lower than the historical average from 1988-2010. The rest of Southern California saw a similarly hesitant recovery, dropping to the lowest level in terms of median price in three years. Broadly speaking, there are a number of factors which have stymied local and regional recovery, including stricter lending policies, a sensitive job market, and a number of investors who have simply been hesitant to enter the market.