Monday, November 29, 2010

DECEMBER 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

OC SALES PREDICTED TO INCREASE IN 2011

Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.

It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.

SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.

*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250

*SOCALMLS 11/29/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%

*DQNews/LATimes, 11/28/2010