JANUARY 2015 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

  

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Prediction for 2015 - Biggest Year for Home Sales Since 2007

Freddie Mac (Federal Home Loan Mortgage Corporation) has predicted that 2015 will see the highest level of home sales in the U.S. since 2007. This prediction is based on five key consensus predictions for 2014, how they fared, and how they will affect housing and the economy next year. In addition to home sales, the four other areas examined were mortgage originations, home values, rental market, and mortgage rates.

In 2014, home value gains grew at a rate of 4.5 percent, and in 2015, they are expected to increase by 3.0 percent. Rental vacancies fell to their lowest level since 2000 in the last year, and 30-year fixed mortgage rates are expected to average 4.4 percent in 2015 after hovering just below 4 percent in December. 

Low oil prices have been a boon for businesses and consumers alike. Economic growth has picked up over the final nine months of 2014. It is expected the housing market will continue to strengthen with home sales and rental markets continuing to display low vacancy rates and the highest level of new apartment completions in 25 years.

What Is Your Home Worth?
Homeowners on average underestimate the value of their homes 1.6% compared with appraisers' valuations. At the peak of the market in 2005 and 2006, appraisals often came in below owners' estimates, in part because prices were spiraling upward at double-digit rates in overheated markets. In the recession years following the bust, the gap between what owners believed their homes to be worth and appraisers' valuations gradually narrowed. More recently, the trend has shifted to slight underestimates by owners.

Why are owners a little behind on pricing? This is attributed it in part to the fact that owners tend to lag behind market trends. Appraisers are looking at the market all the time, and owners, especially those who are seeking to refinance, are not as likely to stay on top of month-to-month changes.

*Source: CAR 12/22/14
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DECEMBER 2014 SALES STATISTICS FOR LAGUNA BEACH: 

159 active listings
40 in escrow
31 closed sales from 12/01/14 - 12/31/14

31 Sales for December 2014:
4 sales under $1 million
14 sales $1-2 million
10 sales $2-4 million
1 sale for $4,050,000

1 sale for $5,700,000

1 sale for $9,500,000

*Source CRMLS 12/31/14

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MEDIAN SALES PRICE FOR COASTAL ZIP CODES FOR DECEMBER 2014 COMPARED TO DECEMBER 2013
 

Balboa Island - 92662 - 0 - n/a – n/a

Capistrano Beach - 92624 - 6 - $787,000 : 14.8%
Corona del Mar - 92625 - 9 - $1,600,000 : -27.3%
Costa Mesa - 92626 - 34 - $648,000 : 14.7%
Costa Mesa - 92627 - 20 - $775,000 : 15.4%
Dana Point - 92629 - 16- $847,000 : 4.8%
Laguna Beach - 92651 - 33 - $1,565,000 : 14.1%
Laguna Niguel - 92677 - 51 - $820,000 : 16.3%
Newport Beach - 92660 - 33 - $1,585,000 : -7.9%
Newport Beach - 92661 - 4 - $1,680,000 : -43.1%
Newport Beach - 92663 - 9 - $1,827,000 : 38.9%
Newport Coast - 92657 - 9 - $2,160,000 : -32.0%
San Clemente - 92672 - 28 - $777,000 : -12.2%
San Clemente - 92673 - 9 - $853,000 : 6.6%

*Source DQNews/LATimes 12/26/14

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FEBRUARY 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS



"Main Beach at Night"

2014 - STRONG GROWTH IN HOME PRICES, LOW-INTEREST RATES

Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations.

The reasons for selling changed significantly in just one year. In 2012, the majority of sellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason for selling in 2013.  Others wanted to take advantage of low interest rates to finance their next home, and some sellers believed the price of their home had peaked and wanted to cash out.

Market Conditions: Heightened market competition in the first half of 2013 led to an increase of multiple offers, nearly all home sellers, 98% said they received multiple offers, up from 83% 2012.  On average, each home sale received 5.9 offers in 2013 compared to 3.1 offers in 2012.

Bidding Wars Not Uncommon: Multiple offers occurred for about 45% of all sellers receiving offers higher than the asking price.

Social Media Has Larger Role: Playing a larger role in the home-selling process nearly 74% of sellers incorporated social media into the selling process, up from only 24% in 2010.  Sellers used social media sites such as Facebook (83%); Twitter (52%); YouTube (39%); LinkedIn (24%); and Yelp (19%) to learn more about their agents or to communicate with them.

*Pamela and Amanda have been using social media extensively since 2010 to market homes and communicate with buyers and sellers.


Trending:
New home sales continue to grow.
Medium home sales prices to climb.
Defaults and Foreclosures to decline.
Home appreciation forecast at 6.6% to 8.2%.
Improving economy to create more buyers.
Low inventory a concern.
*Source CAR/Pamela Horton
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JANUARY 2014 SALES STATISTICS FOR LAGUNA BEACH:
193 active listings
32 in escrow
16 closed sales from 1/01/14 - 1/31/14

 Sales for January 2014:
 4 - Less than $1 million
 6 - $1-2 million
 3 - $2-3 million
 2 - $3-4 million
 1 - for $7,250,000
 *Source CRMLS 1/31/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2012 COMPARED TO DECEMBER 2013:

Balboa Island - 92662 - 1 - $900,000 – minus 64%
Capo Beach - 92624 - 4 - $753,000 – 16%
Corona del Mar - 92625 - 19 - $3,499,000 – 78.4%
Costa Mesa - 92626 - 20- $616,000 – 22.7%
Costa Mesa - 92627 - 31 - $736,000 – 49.4%
Dana Point - 92629 - 36- $860,000 – minus 29%
Laguna Beach - 92651 - 35 - $1,457,000 – 7.1%
Laguna Niguel - 92677 - 52 - $823,000 – 29.6%
Newport Beach - 92660 - 34 - $1,378,000 – 8.6%
Newport Beach – 92661 – 5 - $1,825,000 – minus 41%
Newport Beach – 92663 – 21 - $1,600,000 – minus 5.1%
Newport Coast – 92657 – 14 - $2,135,000 – 00%
San Clemente – 92672 – 35 - $750,000 – 24.4%
San Clemente – 92673 – 21 - $820,000 – 8.7%
*Source DQNews/LATimes 1/31/14
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JULY 2013 SOUTH ORANGE COUNTY REAL ESTATE

Take a Ride on a Laguna Beach Free Trolley for Enjoying Summer Events!



SOUTHLAND MAY HOME SALES HIGHEST IN 7 YEARS; MEDIAN PRICE HITS 5-YEAR HIGH

Yes, the real estate market has followed its natural course of 7-10 years for the market to cycle. We fail understand why everyone is so surprised. The market has a cyclical length of 6-10 years. The cycle started in 1997 when sales started to increase after the down market of the 90's. From 1997 to mid 2006 were the boom years. Then the market tanked due to the harrowing lending fiasco leading to more foreclosures and short sales than have ever been seen before and in a much larger and more intense decrease in price than in any prior years.

Finally when the distress properties were mostly sold for much less that had been paid, equity sellers return to the market as prices start to increase and they can now sell for a profit. So it shouldn't be such a surprise that the median price and increase in prices is occurring in every market; with the hardest hit markets having the best of recoveries.

The Recovering Economy: In a sign of real progress, employers are creating jobs faster than the labor market is growing. Just a few years ago, California was hemorrhaging tens of thousands of jobs and had one of the highest unemployment rates.

The Million-Dollar Market: The number of homes sold for a million dollars has risen to a high not seen since 2007, fueled by a recovering economy, rising home prices and a very key point - a record number of cash purchases.

*Source DQNews 6/30/13
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JUNE STATISTICS FOR LAGUNA BEACH:

217 active listings
57 in escrow
38 closed sales from 6/01/13 - 6/30/13

38 Sales for JUNE 2013:
7 sales under $1 million
20 sales $1-2 million
6 sales $2-3 million
1 sale $3,950.00
3 sales $6-7 million
1 sale $7,500,000

*Source CRMLS 6/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2012 COMPARED TO MAY 2013:

Balboa Island - 92662 - 4 - $1,350,000 -minus 25%
Capo Beach - 92624 - 8 - $1,450,000 - 199%
Corona del Mar - 92625 - 15 - $2,000,000 - 28.4%
Costa Mesa - 92626 - 34- $610,000 - 30.2%
Costa Mesa - 92627 - 36 - $650,000 - 34%
Dana Point - 92629 - 36 - $1,550,000 - 40.6%
Laguna Beach - 92651 - 55 - $1,550,000 - 11.3%
Laguna Niguel - 92677 - 77 - $730,000 - 32.1%
Newport Beach - 92660 - 51 - $1,500,000 - 19%
Newport Beach - 92661 - 10 - $3,425,000 - minus 5.2%
Newport Beach - 92663- 18 - $1,420,000 - minus 4.1%
Newport Coast - 92657 - 28 - $2,250,000 - 18.5%
San Clemente - 92672 - 36 - $767,000 - 20.8%
San Clemente - 92673 - 43 - $808,000 - 13.4%

*Source DataQuickNews/LATimes 6/30/13

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16 Homes Sold in 2013 by Pamela and Amanda

Let us put our real estate expertise to work for you whether Buying or Selling we are Coastal Orange County Real Estate Experts

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MAY 2013 SOUTH ORANGE COUNTY REAL ESTATE

Crescent Bay Breaking

Grace-E-Photography – Age 14

 

SOUTHLAND MEDIAN HOME SALE PRICE CLIMBS AGAIN

 

The median price paid for a Southern California home hit a 56-month high in March, rising 23.4 percent from a year earlier as the impact of foreclosures continued to fade and sales of mid- to high-end homes shot up. Total sales were the highest in six years for a March despite a sharp drop in sub-$300,000 deals, a real estate information service reported.

CASH SALES: A record number of CA homes bought with cash. It's clear that a lot of today's housing market recovery is being fueled by people putting their own money into homes. Some cash buying is part of a normal housing market, but we're at twice that normal rate. There are always some rich people, also buyers from abroad, but in a normal market the biggest single category would be retirees and empty-nesters who are down-sizing. Today, a lot of buyers are chasing what they view as the deal of a lifetime.

 

 

MILLION DALLAR HOME SALES: The number of homes CA for a million dollars or more rose to its highest level since 2007, fueled by a recovering economy, rising home prices and a record number of cash purchases. The number of homes sold for more than $5 million rose to an all-time high.

 

MORTGAGE RATES: Rates fall for the 3rd week.
According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3.41 percent as compared to last week's 3.43 percent and 3.90 percent year-over-year.

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APRIL STATISTICS FOR LAGUNA BEACH:

196 active listings
74 in escrow
35 closed sales from 4/01/13 - 4/31/13

36 Sales for April 2013:
7 sales under $1 million
16 sales $1-2 million
sales $2-3 million
1 sales $3-4 million
2 sales $4-5 million
2 sales $6-7 million
1 sale $10,750,000

*CRMLS/CAR 4/30/13 -----------------------------------------------------------------------------------------------------------------

COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2012 COMPARED TO MARCH 2013:

Balboa Island - 92662 - 3 - $1,720,000 - minus 83.7%
Capo Beach - 92624 - 9 - $500,000 - 12.4%
Corona del Mar - 92625 - 26 - $2,100,000 - 18.6%
Costa Mesa - 92626 - 31- $560,000 - 16.2%
Costa Mesa - 92627 - 43 - $665,000 - 24.6%
Dana Point - 92629 - 28 - $715,000 - 7.9%
Laguna Beach - 92651 - 35 - $1,400,000 - 0%
Laguna Niguel - 92677 - 50 - $720,000 - 21.5%
Newport Beach - 92660 - 47 - $1,300,000 - 21.5%
Newport Beach - 92661 - 2 - $1,708,000 - 65.1%
Newport Beach - 92663- 18 - $1,550,000 - 2.6%
Newport Coast - 92657 - 22 - $2,998,000 - 58.6%
San Clemente - 92672 - 38 - $660,000 - 41.8%
San Clemente - 92673 - 41 - $778,000 - 13.3%

*Only one zip code with minus %, this is the first time since 2006.

DQNews/LATimes 4/30/13

 

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