Fountain Valley home sales and pricing continue to fall, but popularity of the area keeps median home prices about 27.7 percent higher than the median for all of Orange County, according to Data Quick statistics.
It’s a sign that people want to live in Fountain Valley and will pay more for a home in the city known for its great climate, close proximity to the beach, accessibility to freeways and scenic Mile Square Park. But at the moment, a weak economy and cautious buyers are keeping sales down.
Data Quick reported that for the 22 business days ending June 15, 37 Fountain Valley homes sold compared to 48 residences over the same period last year. It listed Fountain Valley’s median price at $555,500 for the 22-day period. That’s down 2.7 percent from last year.
Countywide, the median home selling price of $435,000 was down 3.1 percent from last year’s level. Fountain Valley home sales represented 1.3 percent of all Orange County home sales.
As of July 10, eVantage Real Estate had the median home selling price in Fountain Valley at $579,000. That’s down from $587,000 on June 19. The most expensive 25 percent of homes in Fountain Valley are the best sellers in terms of days on the market and inventory. They sell in 69 days on average. By comparison, the least expensive 25 percent of homes, which sell for a median price of about $420,000, take an average of 142 days to sell.
The most expensive 25 percent of homes have a median price of $749,700 and provide four bedrooms and three baths. The median age for buyers of those homes is 37. So larger Fountain Valley homes seem to appeal to the 30-something generation—at least those with incomes to pay the higher prices.
City-Data.com listed average annual household income in Fountain Valley at $79,570 in 2009. That compares to average annual income of $58,931 statewide.
City-Data.com also shows Fountain Valley to be a low-crime city with a crime index of 159.8, compared to the US city average of 319.2. The higher the index number, the greater number of crimes.
Interestingly, City-Data.com lists Fountain Valley as number four on its list of top 101 cities with the largest number of females serving as post-secondary teachers.
It lists the city as number seven on the list of top 101 cities with the highest percentage of males who are physicians and surgeons. Fountain Valley is home to Fountain Valley Regional Hospital and Medical Center and Orange Coast Memorial Medical Center.
Overall, the city has much to like, and that will work in its favor once the economy picks up again.