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Home sales rose last year for the 7th month in July along with declines in distress sales. Increased activity in move-up and high-end submarkets also contributed to the significant increase in sales that are at a 4-year high. This is an increase in sales and a decrease in inventory not seen since 2005. For local area sales statistics see the prices by zip code in this article.
Greater demand, partially triggered by historically low mortgage rates, and a thinner inventory of homes for sale help explain recent gains in the median price. The increases also stem from a sharp drop in foreclosure resale properties which often sell at a steeply discounted price.
Commercial Real Estate: Sharply higher demand for rental units is causing rents to rise at faster rates. A return to normal household formation will mean even lower vacancy rates and higher rents in the future. The difficulty small businesses have in getting commercial real estate loans for leasing or purchase is keeping a lid on demand for commercial properties.
AUGUST STATISTICS FOR LAGUNA BEACH: 222 homes for sale
77 in escrow
40 closed sales from 8/1/12 - 8/31/12
33 Sales Ranges for August 2012:
9 sales under $1 million
13 sales $1-2 million*
5 sales $2-3 million
3 sales $3-4 million
3 sales $6-7 million
*Under $1million reduced sales.
*SoCalMLS, DQNews 8/31/12
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COASTAL AREA SALE AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 1,414 Distressed = 90
In Escrow Listings = 997 Distressed = 463
Sold from 01/01/12 = 3,527 Distressed = 1008
*SoCalMLS 08/31/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2011 COMPARED TO JULY 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,395,000 - minus 54.4%
Capo Beach - 92624 - 7 - $722,000 - 14.6%
Corona del Mar - 92625 - 19 - $1,750,000 - 42.9%
Costa Mesa - 92626 - 29 - $488,000 - minus%
Costa Mesa - 92627 - 24 - $613,000 - 19.6%
Dana Point - 92629 - 31 - $700,000 - 7.7%
Laguna Beach - 92651 - 40 - $1,375,000 - minus 5.7%
Laguna Niguel - 92677 - 75 - $640,000 - minus 7.9%
Newport Beach - 92660 - 47 - $1,242,000 - minus 6.6%
Newport Beach - 92661- 15 - $1,455,000 - 16%
Newport Beach - 92663 - 21 - $1,250,000 - 1.6%
Newport Coast - 92657 - 13 - $1,580,000 - minus 8.1%
San Clemente - 92672 - 30 - $561,000 - minus 5.3%
San Clemente - 92673 - 45 - $720,000 - 0.0%
*DataQuickNews 08/31/2012
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
