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| Winter Sunset from Montage Resort by Gregory Schaeffer |
Southland
Home Sales Drop in January; Price Picture Mixed
SoCal
logged its lowest January home sales in three years as buyers continued to
wrestle with a tight inventory of homes for sale, a fussy mortgage market and
the highest prices in years. The median price paid for a home dipped from
December – a normal seasonal decline – but remained 18% higher than January
last year.
The Economy: Is growing, but Southland home sales have fallen on a
year-over-year basis for four consecutive months now and remain well below
average. Why? We’re still putting a lot of the blame on the low inventory. But
mortgage availability, the rise in interest rates and higher home prices
matter, too.
Pent Up Demand, Inventory: Two of the bigger
questions hanging over the housing market right now is, “How much pent-up
demand is left out there? And will
inventory skyrocket this year as more owners take advantage of the price run-ups?
Unfortunately, we’ll probably have to wait until spring for the answers. When
it comes to statistical trends, January and February are atypical months that
haven’t proven to be predictive over the years.
Upper End of the Market: The number of homes sold in many middle and up-market areas
continued to rise on a year-over-year basis last month, while more affordable
markets generally saw less activity than a year earlier.
*Source DQNews 2/14/14
Trending:
Sales Volume is down to 2,105 versus 2,252 a year ago
Average Home Payment is $2,593.68
Inventory is up 5,283 up from 5,087 just one month ago
Mortgage Defaults 378, down 14.9% versus one month ago
Foreclosures 73, down 36.5% versus one month ago
Average Days on Market 2.22 months (64 days)
*Updated 3/17/14
------------------------------------------------------------------------------------------------*Updated 3/17/14
FEBRUALY 2014 SALES
STATISTICS FOR LAGUNA BEACH:
193 active listings
30 in escrow
24 closed sales from 2/01/14 - 28/14
24 closed sale statistics:
5 sales under $1 million
6 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $4-5 million
193 active listings
30 in escrow
24 closed sales from 2/01/14 - 28/14
24 closed sale statistics:
5 sales under $1 million
6 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $4-5 million
1
sale $5,00o,000
1 sale $8,500,000
1 sale $8,500,000
*Source CRMLS updated 3/17/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2013 COMPARED TO JANUARY 2014:
Balboa Island - 92662 - 2 - $1,950,000 – 18.2%
Capo Beach - 92624 - 6 - $744,000 – 11.8%
Corona del Mar - 92625 - 7 - $2,563,000 – 57.7%
Costa Mesa - 92626 - 15- $680,000 – 25.5%
Costa Mesa - 92627 - 15 - $785,000 – 58.6%
Dana Point - 92629 - 14- $788,000 – 5%
Laguna Beach - 92651 - 20 - $1,400,000 – minus 3.9%
Laguna Niguel - 92677 - 33 - $790,000 – 14.4%
Newport Beach - 92660 - 20 - $1,705,000 – 24.1%
Newport Beach – 92661 – 2 - $2,003,000 – 33.9%
Newport Beach –
92663 – 11 - $1,385,000 – minus 12.6%
Newport Coast –
92657 – 9 - $3,880,000 – 89.3%
San Clemente –
92672 – 25 - $730,000 – 12.1%
San Clemente –
92673 – 26 - $793,000 – 8.6%
*Source DQNews/LATimes 2/28/14
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