Tuesday, June 30, 2015


Just Listed  ~ Excellent Village Laguna Location
721 Browncroft Road, Laguna Beach
3 Bedrooms, 4 Baths, $2,499,000
Pending Home Sales Post Six Straight Months of Gains

The California housing market continues its upward trend with pending home sales registering their sixth straight annual gain, and the last four months being in the double-digits. Last weekend at our open house in Dana Point 25 buyers came through genuinely interested in buying and 2 agents showed the property during this time. Ad calls are also increasing.

Equity Sales: The share of equity sales – or non-distressed property sales – edged up further in May to make up 92.6% of all home sales, the highest level since late 2007. Equity sales made up 91.8% of all home sales in April and 88.8% in May 2014. The share of equity sales has been at or near 90% since mid-2014.

Stabilizing Home Prices: In a sign of stabilizing home prices, the share of sales closing below asking price has been on a downward trend for four straight months. One in four sales closed below asking price in May, down from the highest point of 55% in January 2015. More than a third of homes closed over asking price, and 26% closed at asking price.

• The premium paid over asking price declined in May, suggesting diminished market competition among home buyers. In May, homes that sold above asking price sold for an average of 8% above asking price, down from 10% in April but up from 6.5% in May 2014.

• Homes that sold below asking price sold for an average of 7% below asking price in May, down for the first time in four months.

• The share of properties receiving multiple offers fell for the first time in four months. 65% of properties received multiple offers in May, down from 72% in April and up from 62% a year ago.

Time to Buy or to Sell? It is a good time for both buyers and sellers. Buyers, even though the inventory is low properties on the market now are generally equity sales, so most homes are in good condition and still affordably priced. Sellers, with the low inventory your competition is less and market time is relatively low, 60-90 days. Interest rates remain at an all-time low and loan guidelines have eased up a bit, good news for both buyers and sellers.

Interest Rates:
30 year fixed Mortgage rate is currently 4.02%, up slightly versus one week ago,
15 year fixed rate is 3.21%, down slightly versus one week ago,
ARM’s represent 13.6% of all mortgages, down from 20.8% versus last year.

 *CAR 6/22/15/Rates 6/30/15


248 Active Listings
62 In Escrow
27 Closed Sales from 6/01/15 - 6/30/15

Sale Statistics for June 2015:
4 sales under $1 million
16 sales $1-2 million
3 sales $2-3 million
2 sales $3-4 million
1 sale $7,150,000
1 sale $14,200,000

 *Not your city? Let us know and we'll gladly send the sale statistics for any city in SoCal.
 **Source CRMLS 6/30/15


Just Listed ~ 24692 Morning Star, Dana Point
Beautiful Remodeled Condo in Sea Ridge
$839,000 - 3 Beds, 2.5 Baths, Ocean Views