DECEMBER 2013 SOUTH ORANGE COUNTY REAL ESTATE NEWS

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"Distress Sales Decline As Home Prices Remain Stable"

Indicators of market distress continue to decline. Foreclosure activity remains well below a year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable. Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.3% of sales.

MEDIAN SALE PRICES: Southern California home buying picked up in October compared with September but fell short of a year earlier as sales in inventory-starved markets and lower-cost markets continued to lag far behind 2012 levels. For the fourth month in a row the region’s median sale price more or less moved sideways, though it was still nearly 22% higher than October 2012.

SALES PRICE INCREASES: It appears that almost all of last month’s price increases reflects rising home prices, while a small portion reflects a change in the price range of homes that sold. Last year there was a large increase in mid- to high-end sales and a big decline in sales of lower-cost distressed properties.

ABSENTEE AND INVESTOR BUYER SALES DOWN: Mostly investors and some second-home purchasers bought 26.5% of the Southland homes sold last month, which is the lowest share for any month since it was 25.1% in November 2011.

"FLIPPING HOMES" INCREASES: 6.5% of homes sold on the open market had previously sold in the prior six months. That’s up from a flipping rate of 6.1% in September and up from 6.0% in October 2012. Flipping peaked at 7.0% February this year and had trended lower most months this year until September. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Source LATimes, DQNews 11/30/13

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NOVEMBER 2013 STATISTICS FOR LAGUNA BEACH:

207 active listings
45 in escrow
28 closed sales from 11/01/13 - 11/30/13

28 Sales for November 2013:
3 sales under $1 million
11 sales $1-2 million
10 sales $2-3 million
1 sale $3,075,000
1 sale $4,010,000

1 sale $5.285,000
1 sale $6,750,000

*Source CRMLS 11/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2012 COMPARED TO OCTOBER 2013:

Balboa Island - 92662 - 3 - $2,263,000 – 89.1%
Capo Beach - 92624 - 8 - $790,000 – 16.3%
Corona del Mar - 92625 - 16 - $1,761,000 – 22.1%
Costa Mesa - 92626 - 19- $629,000 – 25.2%
Costa Mesa - 92627 - 33 - $788,000 – 46.622.1%
Dana Point - 92629 - 25 - $910,000 – 25.1%
Laguna Beach - 92651 - 32 - $1,425,000 – 29.5%
Laguna Niguel - 92677 - 53 - $835,000 - 28%
Newport Beach - 92660 - 24 - $1,544,000 – 42.9%
Newport Beach – 92661 – 2 - $1,638,000 – 17%

Newport Beach – 92663 – 16 - $1,450,000 – minus 18.3%

Newport Coast – 92657 – 16 - $2,400,000 – minus 23.1%

San Clemente – 92672 – 23 - $700,000 – 12%

San Clemente – 92673 – 28 - $777,000 – 10.6%

 
*Most zip codes have lower median prices than prior month due to decreases in inventory.

*Source DQNews/LATimes 11/30/13

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NOVEMBER 2013 SOUTH ORANGE COUNTY REAL ESTATE NEWS



View This Exquisite Laguna Beach Home Listed by Pamela & Amanda

                                           

“O.C. SEES ITS BEST SUMMER IN HOUSING SINCE 2005”

*Sales - Up 11% from 2012 and marks the busiest July to September since 2005.

*Prices - Increased 19.7% in September year over year.

*Affordability - Only San Francisco is a tougher market for middle-class earners to crack. Orange County came in as the second most unaffordable housing market in a study of 100 spots around the US. San Francisco was the first at 14% and O.C came in at 23%

September Compared to a Year Ago

Prices rose 23% in the 12 months ending in August, the biggest annual percentage gain in almost 9 years. They are close to post-recession highs despite rising interest rates and low inventory.

Resale Homes - up 20.0%

New Homes - up 2.6%

Resale Condos - up 24.6%

Sales Volume

Resale Homes  -  down 0.5%

New Homes  -  up 95.0%

Resale Condos  -  up 16.0%

Sales Volume up 2,916 from 2,677 a year ago

Rentals Reach A New High

Orange County apartment rents rose an average of $37 a month over the summer, pushing the asking rent in a large complex to a record $1,708. The report marked the 11^th consecutive quarter of rising apartment rents in Orange County.

*Source LATimes, DQNews, Register 10/1-25/13
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OCTOBER STATISTICS FOR LAGUNA BEACH:

229 active listings
47 in escrow
31 closed sales from 10/01/13 - 10/31/13

31 Sales for OctoberAugust 2013:
10 sales under $1 million
101sales $1-2 million
3 sales $2-3 million
2 sales 3-4 million
2 sales $4-5 million
1 sales $6,350,000
1 sale $9,400,000
1 sale $15,500,000

*Update: CRMLS 11/18/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER  2012 COMPARED TO SEPTEMBER 2013:
Balboa Island - 92662 - 3 - $2,000,000 – minus 16.5%
Capo Beach - 92624 - 6 - $680,000 – 21.4%
Corona del Mar - 92625 - 17 - $2,149,000 – 61.6%
Costa Mesa - 92626 - 38- $625,000 – 24.6%
Costa Mesa - 92627 - 28 - $625,000 - 25%
Dana Point - 92629 - 28 - $835,000 - 30%
Laguna Beach - 92651 - 37 - $1,618,000 – 22.1%
Laguna Niguel - 92677 - 61 - $755,000 – 8.2%
Newport Beach - 92660 - 28 - $1,638,000 - 25%

Newport Beach – 92661 – 5 - $2,795,000 – 32.2%
Newport Beach – 92663 – 10 - $2,200.000 – 4.4%
Newport Coast – 92657 – 21 - $2,975,000 – 51.8%
San Clemente – 92672 – 23 - $795,000 – 13.6%
San Clemente – 92673 – 35 - $922,000 – 38%

*Source DQNews 10/25/13
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