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CLIPBOARD : Condo Craze

June 29, 1991

Condominiums continue to exert a great deal of influence in the new home sales market, according to a survey by the Construction Industry Research Board. Condos accounted for 32.5% of all new homes sold in Orange County, an increase from 26.8% in 1989.

Condos also were more popular here than in any of the other five urbanized Southern California counties. The 24.6% of sales in Los Angeles County was the next highest figure; 2.1% in San Bernardino was the lowest.

The average price of a new condo in Orange County last year, $199,600, was not nearly the highest in Southern California and was, at the same time, just a 1.6% increase from the 1989 average. In contrast, the average in Riverside County leaped 23.2%.

Prices may have increased only marginally, but average size decreased about the same amount. A 1.1% decline in square footage was the smallest in the four counties among the six that had decreases. Riverside and Los Angeles counties both recorded larger average sizes than in 1989. AVERAGE PRICE

1989-'90 County 1989 1990 % Change Los Angeles $228,500 $255,700 +11.9 Orange 196,400 199,600 +1.6 Riverside 195,700 241,100 +23.2 San Bernardino 124,100 147,300 +18.7 San Diego 212,300 195,200 -8.1 Ventura 218,700 203,500 -6.9 STATEWIDE $207,100 $223,000 +7.7

AVERAGE SIZE (Square feet)

1989-'90 County 1989 1990 % Change Los Angeles 1,470 1,555 +5.8 Orange 1,305 1,290 -1.1 Riverside 1,740 1,885 +8.3 San Bernardino 1,285 1,230 -4.3 San Diego 1,455 1,315 -9.6 Ventura 1,490 1,370 -8.1 STATEWIDE 1,395 1,415 +1.4

PERCENTAGE OF NEW HOMES SALES,1990

Los Angeles: 24.6 Orange: 32.5 Riverside: 8.1 San Bernardino: 2.1 San Diego: 18.4 Ventura: 22.0 Statewide: 10%

Source: Construction Industry Research Board

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