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| Every Day Brings A New Vision Coastline View from Montage Resort to Aliso Beach |
California Housing Market Is Expected
to Be Up in 2014
The California housing market had a decent performance in
2013. For the first nine months of 2013, sales of existing single-family
detached homes were down 3.2% when compared to the same period of last year.
This decline in sales was attributed partially to the hike in interest rates in
recent months, as the average 30-year fixed rate increased more than 100 basis
points since April 2013 and was the highest since the mid of 2011.
TRANSITION YEAR: 2013 is a year when the housing market buyers
changed from “investor sales” to “primary home sales”. The share of investor
sales is expected to decline as the number of bargain properties continues to
decrease, while the share of primary home sales is expected to improve as the
economy continues to grow.
SALES FORECAST: Increase in sales bought as primary homes will remain strong as investor sales decrease. 2014 is expected to be a more “normal” year and the economy will presumably grow at a faster pace, which will provide support to the housing market.
INVENTORY: Sales of more homes in the upper price
segments sold in 2013 when compared to 2012. Inventory levels were low causing
a significant increase in prices in 2013. This was due in part of the mix of
sales. The sales share for higher end homes will continue to inch up or remain
near the current level.
MEDIAN PRICES: Because of the change in the mix of sales the
statewide median prices are expected to increase significantly on a
year-to-year basis. The sales of distressed sales are already at a low level
and are expected to remain low for 2014.
INCREASING SALE PRICES AND TIME ON MARKET: With investors
taking a step back due to profit margins narrowing, inventory will likely improve
slightly in the upcoming year. The increase in home prices will also encourage more
homeowners to put their houses up for sale. The housing supply will grow and
should gradually climb back from under three months to sell a home in 2013 to
about four months in 2014.
*Source DQNews/CAR 12/26/13
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| Market Outlook From 2008 to Predicted 2014 - CAR
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DECEMBER SALES 2013
STATISTICS FOR LAGUNA BEACH:
179 active listings
26 in escrow
33 closed sales from 11/01/13 - 11/30/13
33 Sales for December 2013:
9 sales under $1 million
15 sales $1-2 million
4 sales $2-3 million
3 sales $3-4 million
179 active listings
26 in escrow
33 closed sales from 11/01/13 - 11/30/13
33 Sales for December 2013:
9 sales under $1 million
15 sales $1-2 million
4 sales $2-3 million
3 sales $3-4 million
1
sale $4,900,000
1 sale $5,050,000
1 sale $5,050,000
*Source CRMLS 12/31/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2012 COMPARED TO NOVEMBER 2013:
Balboa Island - 92662 - 1 - $2,275,000 – 68.5%
Capo Beach - 92624 - 6 - $686,000 – 19.3%
Corona del Mar - 92625 - 12 - $2,100,000 – 8.2%
Costa Mesa - 92626 - 31- $565,000 – 0.9%
Costa Mesa - 92627 - 33 - $788,000 – 46.622.1%
Dana Point - 92629 - 256- $808,000 – 41.14%
Laguna Beach - 92651 - 31 - $1,700,000 – 29.5%
Laguna Niguel - 92677 - 32 - $835,000 - 8.2%
Newport Beach - 92660 - 34 - $1,610,000 – 13.4%
Newport Beach – 92661 – 7 - $2,950,000 – 122.6%
Newport Beach –
92663 – 15 - $1,408,000 – 7.9%
Newport Coast –
92657 – 9 - $2,875,000 – 23.7%
San Clemente –
92672 – 23 - $885,000 – 34.612%
San Clemente –
92673 – 30 - $800,000 – 3.9%
*Source DQNews/LATimes 12/29/13
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24 Years - 24 Homes Sold in Twenty-Thirteen
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| Sold by Pamela and Amanda Oak St, Laguna Beach |
CC: 12/31/13
