Santa Ana Real Estate Soars: Average Values Hit $970K in June 2024

The real estate market in Santa Ana, California, has shown a remarkable increase in terms of both property values and sale prices over the recent months. As of June 2024, the average value in Santa Ana has escalated to $970,000, accompanied by an average value per square foot of $607. This trend represents a substantial growth from July 2023, where the figures were notably lower at $799,500 for the average value and $554 for the average value per square foot.

Throughout this period, the sale prices have also demonstrated an upward trajectory. The average sale price has peaked at $847,000 in June 2024, rising from a lower point in October 2023, where the average sale price was $668,641. The average sale price per square foot reflects a corresponding rise, having climbed to $615 by June 2024.

The volume of properties in the market fluctuates. January 2024 saw a spike in activity with 1,937 properties sold, indicating a high point for market transactions.

Comparative Market Analysis with Adjacent Cities

When comparing Santa Ana to neighboring cities such as Garden Grove, Fountain Valley, Tustin, Costa Mesa, and Midway City as of June 2024, varying market characteristics emerge:

1. Garden Grove presents an average value of $849,000 with an average value per square foot of $572. Despite the lower property values compared to Santa Ana, Garden Grove sees a higher average sale price at $919,000 and an average sale price per square foot of $619. The property sold count here is 1,142.
2. Fountain Valley offers a higher bracket in terms of property values, averaging at $1,200,000 with an average value per square foot of $612. Here, properties fetch an average sale price of $1,348,000 and a per square foot sale price of $661, with a total of 543 properties sold.
3. Tustin’s market values also align closely with Fountain Valley, showcasing an average value of $1,182,250 and a per square foot value of $633. The average sale price stands at $1,149,000, with the sale price per square foot reaching $655 from 629 property transactions.
4. Costa Mesa claims the highest property values and sale prices within the region with an average property value of $1,349,000 and an impressive average value per square foot of $746. The average sale price is curated around $1,344,000 with the highest per square foot sale price of $821 from 775 sold properties.
5. Midway City, while having less activity with only one property listed, shows a unique market position with a very high average value per square foot of $984. The average sale price here is $1,103,500 with a per square foot sale price of $706 from 38 transactions.

In conclusion, the Santa Ana real estate market demonstrates substantial growth in property values and sale prices over the recent months. Despite the fluctuations in the property count, there is a consistent upward trend in property values and sale prices which is laudable. Comparative analysis with nearby cities also highlights Santa Ana’s active market conditions, especially in terms of volume of sales compared to its comparatively higher property values and sale prices. This observation solidifies Santa Ana as an evolving and thriving real estate market worth the attention of potential homebuyers and investors.