I recently did a video on how median home price can often deceive a homeowner with how much their value has changed. It’s no secret that some property types can outpace the appreciation of the rest of the market. Single family homes have often had higher upswings compared to condominiums.

For reference, the overall market for Anaheim has increased 13% when comparing the 1st quarter of 2022 vs 2024. This was right before interest rates jumped from historical lows.

Let’s look at some specific examples in Stadium Lofts and Harbor Lofts when comparing the average sales price of 2022 vs the 1st quarter of 2024.

Stadium Lofts 1 bedroom floorplans increased from an average of $489,194 to $511,800 (+4.6%)

Stadium Lofts 2 bedroom floorplans increased from an average of $618,658 to $630,000  (+1.8%)

Harbor lofts’ most popular floorpan with 1,547 square feet increased from an average of $626,333 to $680,000 (+8.5%)

For Domain condo owners and owners of other floorplans, it’s tough to determine as there really aren’t enough sales to make a determination. For example, I sold a 2 bedroom floorplan for the all-time high of $710,000 in 2021 and was able to achieve that feat 2 more times, but that price hasn’t been reached by any other sales since.

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Condo sales are up in March and the entire first quarter compared to 2023. I personally expect the next periods to follow suit as we break away from historically low numbers for both inventory and sales activity in 2023.

For those who watched my 1st quarter recap video, you’re probably wondering why there’s a conflict with the increase in closed sales. These reports are run at different times and data corrections can affect the stats drastically when there are only a few sales.

From a lending standpoint, financing continues to be challenging in both The Domain and Harbor Lofts as conventional financing requires a condo questionnaire to be reviewed by each lender’s underwriter. Until the communities are formally approved in Fannie Mae’s system, it will be hit or miss trying to get a loan approved.

For the high density buildings A-Town, Chapman Commons, The Domain, Harbor Lofts, and Stadium Lofts, activity has been pretty identical compared to 2023.

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