A large city in the northwestern part of Orange County, Buena Park, California, is home to more than 72,000 residents and is just 12 miles northwest of Santa Ana. It is notable as being home to several amusement parks. The city’s residents are modest, with a median annual household income of just over $50,000, and Buena Park real estate is some of the county‘s more affordable. Even though the market isn’t one of the high-priced luxury markets, it nonetheless has suffered setbacks in the past couple of years, and prices ended last year down from a year earlier.
According to the Orange County Register‘s Annual Zip Code Chart, at the end of the year, the total median price for Buena Park homes for sale was $365,000 in one zip code, a 5% decline, and $330,000 in the city’s other zip code, a more than 15% decrease. Sales activity was up in both zip codes for the year, however, with 459 sales in one zip code, a 3% rise, and 238 sales in the other zip code, a 5% increase.
This year has shown some improvement in prices in Buena Park, suggesting maybe the worst of the down market is over for the city. The median price in March was $377,500 in one zip code, an 8% increase, with 28 homes sold, a fall of 32% according to the Orange County Register’s monthly sales chart. The city’s other zip code saw a median price of $395,000, a full 34% increase year-over-year in price. The area saw 27 homes sold in March, also an increase, of 29%.
More recently, in a three-week period that ended April 14, Buena Park again saw rises in median prices, suggesting it is a true trend and not just a one-month change due to luck. The price in the city’s first zip code was $377,500, up more than 10%, and in the second zip code it was $390,000, up 23.5% annually. In the latter zip code sales, too, showed vast improvement with 25 properties sold an improvement from the same period one year ago by 56%.