DECEMBER 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Holiday Greetings from Laguna Beach

 

 

CALIFORNIA REAL ESTATE RECOVERY CONTINUES, SALES JUMP 15.4% AS PRICES INCREASE

Home sales in California jumped 15.4% in October, indicating the state's housing recovery continued into the typically slower fall season. California's housing market has been on an upward swing this year. The recovery stems from more people chasing fewer homes as interest rates remain low and inventory sinks.

76% OF HOMES LISTED SOLD: This the highest proportion of homes selling since June 2005 when it was 88%. The low point was 6% in December 2007. Buyers know that now is a good time to buy and demand will remain strong well into 2013. Housing is back and a full recovery is well under way.

DECREASED INVENTORY: Fewer houses on the market also helped drive price increases. There were 2.14 million existing homes for sale in October, down 1.4% from September. That translates to a 5.4-month supply at the current sales rate, the lowest level since February 2006.

TAX BENEFITS: The uncertainty at year end is whether the current tax seller tax benefits will be rolled over to 2013. Federal capital gains are rising to 20.4% in 2013. The 3.8% tax on incomes over $200,000 will also impact many home sellers; one reason to expect higher than average December escrow closings.

*LATimes/Register 11/19/12

----------------------------------------------------------------

NOVEMBER STATISTICS FOR LAGUNA BEACH:
174 homes for sale
61 in escrow
33 closed sales from 11/01/12 - 11/30/12

33 Sales for November 2012:
13 sales under $1 million
9 sales $1-2 million
7 sales $2-3 million
4 sales $3-4 million

*SoCalMLS, DQNews 12/01/12
----------------------------------------------------------------

COASTAL AREA SALES 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 = 1028 Distressed = 56
In Escrow Listings = 908 Distressed = 383
Sold from 01/01/12 = 4,891 Distressed = 1,304

*Distress sale amounts are decreasing.
*SoCalMLS 12/01/12
----------------------------------------------------------------

COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2011 COMPARED TO OCTOBER 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,139,000 - minus 12.5%
Capo Beach - 92624 - 7 - $679,000 - 19.9%
Corona del Mar - 92625 - 20 - $1,350,000 - minus 13.7%
Costa Mesa - 92626 - 38 - $502,000 - minus 27.8%
Costa Mesa - 92627 - 27 - $534,000 - 8.5%
Dana Point - 92629 - 29 - $705,000 - 13.3%
Laguna Beach - 92651 - 29 - $1,100,000 - 13.3%
Laguna Niguel - 92677 - 41 - $698,000 - 8.7%
Newport Beach - 92660 - 37 - $1,060,000 - 10.1%
Newport Beach - 92661 - 8 - $1,400,000 - 59.7%
Newport Beach - 92663- 20 - $1,560,000 - 19.4%
Newport Coast - 92657 - 18 - $3,146,000 - 18.9%
San Clemente - 92672 - 32 - $625,000 - 13.6%
San Clemente - 92673 - 44 - $703,000 - 17.1%

*DataQuickNews 12/01/2012
--------------------------------------------------------------------

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!


Search For Property At:

HortonsInLaguna.com

 

 Scan QR Code For HortonsInLaguna.com