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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