AUGUST 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS



Southland Homes Sales Slow Down;

Price Gains Throttle Back

Sales Pace: Southern California homes sold at the slowest pace for a June in three years as investor purchases fell again and other would-be buyers continued to struggle with inventory and affordability constraints.

Home Prices: Finally increasing at a healthier pace than two years suggests that prices are stabilizing.

Interest Rates: Lower interest rates and stabilizing home prices combined to boost home sales in June. June sales increased 1.5% but were down 4.8% compared to June 2013. 

Foreclosures: Were at a low not seen since late 2005, when the market was almost at its peak, the decline started in July 2006.  Less foreclosures is the result of a stronger economy and higher home values.

Short sales: Where the sale price fell short of what was owed on the property - made up an estimated 5.8% of the state's resale market last quarter. This is down from 13.7% a year earlier.

*DQNews 7/28/14

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JULY 2014 SALES STATISTICS FOR LAGUNA BEACH:

248 active listings
56 in escrow
39 closed sales from 6/01/14 - 6/30/14

39 Sales for July 2014:  6 sales under $1 million
15 sales $1-2 million
8 sales $2-3 million
6 sales $3-4 million
2 sales $4-5 million

1 sale $5,650,000
1 sale $6,675,000

*Increases in all 3 categories up from June 2014
 *Source CRMLS 7/31/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2013 COMPARED TO JUNE 2014:

Balboa Island - 92662 - 1 - $1,800,000 – minus 18.2%
Capo Beach - 92624 - 9 - $735,000 – minus 5.2%
Corona del Mar - 92625 - 15 - $1,804,000 – minus 7.5%
Costa Mesa - 92626 - 32- $6500,000 – 6.5%
Costa Mesa - 92627 - 25 - $740,000 – 15.5%
Dana Point - 92629 - 23- $8000,000 – 1%
Laguna Beach - 92651 - 43 - $1,555,000 – 1.8%
Laguna Niguel - 92677 - 61 - $776,000 – minus 6.6%
Newport Beach - 92660 - 46 - $1,433,000 – minus 14%
Newport Beach – 92661 – 5 - $1,250,000 – minus 30.6%
Newport Beach – 92663 – 16 - $1,793,000 – 16.4%
Newport Coast – 92657 – 7 - $4,248,000 – 47.9%
San Clemente – 92672 – 29 - $765,000 – minus 10.5%
San Clemente – 92673 – 36 - $793,000 – 8.6%

*Half of the zip codes reported as median price less than in July 2013.

*Source DQNews/LATimes 7/28/14

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INCREASING SALES IN LOW END MARKET MAY BE A TREND TOWARD A MORE ROBUST MARKET

In Laguna Beach there has been a large increase of number of sales of homes and condos under $1 million. Especially with prior hard to sell condo sales increasing, this is an indication that the market is picking up. Compared to May in June there were properties listed, in escrow doubled compared and closed sales total 4 more than in June.

Home prices grew again in May by 4.9%:
Reaching their highest monthly rate since August 2011, but not at the frenzied pace seen last spring. The lack of urgency on the buyers’ part have been seen to be increasing in the coming months of summer.  Sales are still down but mostly because there are fewer foreclosures to buy. More home sellers are testing the market. And bidding wars are returning to the under $1 million priced properties.

Rising prices have rescued many homeowners:  1 in 10 homeowners owed more than their homes were worth during the first three months of the year, down from 1 in 3 at the peak of the housing crisis 4.5 years ago.
 
 For Sale By Owner: “FSBO” properties are being sold for 15% to 20% below market value because the property never had the opportunity to be properly marketed.

Home Sales Nationwide For May 2014 

Prices

Resale Homes          up 8.3%
New Homes             up 16.5%
Resale Condos         up 11.0%

Sales Volume

Resale Homes          down 21.0%
Resale Condos         down 22.4%
New Homes              up 18.1%

Sales Volume Trend: 2,981 homes sold is down from 3,648 a year ago.

*Sources LATimes, OCRegister, CAR

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JUNE 2014 SALES STATISTICS FOR LAGUNA BEACH:

233 active listings
62 in escrow
35 closed sales from 6/01/14 - 6/30/14

35 Sales for June 2014:
8 sales under $1 million
18 sales $1-2 million
1 sale for $2,900,000

5 sales $3-4 million
1 sale $4,000,000
1 sale $5,675,000
1 sale for $23,000,000

*Compared to May inventory increased slightly, in escrow doubled, sold 4 more.
**Source CRMLS 6/30/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2014 COMPARED TO MAY 2013:
City - Zip - # Sold - Median Sale Price - Percent Change

Balboa Island - 92662 - 3 - $2,300,000 – 76.2%
Capo Beach - 92624 - 8 - $802,000 –  minus 44.7%
Corona del Mar - 92625 - 17 - $2,300,000 – 13.6%
Costa Mesa - 92626 - 32- $615,000 – 2.4%
Costa Mesa - 92627 - 34 - $863,000 – 32.7%
Dana Point - 92629 - 20 - $938,000 – 5%
Laguna Beach - 92651 - 34 - $2,050,000 – minus 32.3%
Laguna Niguel - 92677 - 67 - $860,000 – 17.8%
Newport Beach - 92660 - 30 - $1,673,000 – 10.2%
Newport Beach – 92661 – 6 - $3,050,000 – 33.9%

Newport Beach – 92663 – 11 - $1,385,000 – minus 10.9%
Newport Coast – 92657 – 20 - $2,036,000 – 57.4%
San Clemente – 92672 – 30 - $853,000 – 11.1%
San Clemente – 92673 – 24 - $1,052,000 – 54.7%

**Most zip codes had increases in # of sales and sale prices.

*Source DQNews/LATimes 6/28/14

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