2009 HOME PRICE STABILIZATION EXPECTED
HOME PRICES: In California home prices are expected to stabilize next year, but the state's economic woes will continue due to rising unemployment and declining consumer spending.
MEDIAN PRICE INCREASE: It was all about the discount in August when DataQuick says just 5 of 83 O.C. ZIPs saw their median selling price rise vs. a year ago. Those are Dana Point 92629, Los Alamitos 90720, Corona del Mar 92625, Laguna Beach 92651 and Newport Beach 92663.
HOME BUYING INCREASING: Home buying in OC ran above year ago levels for the 2nd straight month. A noteworthy switch after a 33 month of slumping sales. The lowering of home prices has finally pulled buyers off the fence and into them game. We are seeing more reported sales in coastal areas with inventory decreasing.
THE FUTURE: While economic woes continue on the lending and national issues, we in Orange County can be grateful that we enjoy one of the nation's strongest housing markets.
DEAL OR NO DEAL? Congressional leaders and the Bush administration push forward on coming to an agreement on the $700 Billion Bailout Plan. We'll just have to wait and see in the coming days if this historic bill will pass the Senate and House votes. The agreement will have the intent to revive our financial system and avoid negative far reaching effects to the rest of our economy.
*By Pamela Horton, 10/01/08; sources Realtor.com Traffic 8/28/08; LA Times 9/5/08
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COASTAL AREAS SALES DATA AND DISTRESS SALES STATISTICS FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,409, with Bank Conditions = 301
In Escrow Listings = 490, with Bank Conditions = 144
Sold from 01/01/08 = 2,095, with Bank Conditions = 426
*MLS 8/30/08
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2007 COMPARED TO AUGUST 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capistrano Beach - 92624 - 1 - $630,000 - minus 64%
Corona del Mar - 92625 - 6 - $2,000,000 - 12.7%
Costa Mesa - 92626 - 39- $520,000 - minus 26.0%
Costa Mesa - 92627 - 19 - $508,000 - minus 25.4%
Dana Point - 92629 - 16 - $775,000 - minus 14.4%
Laguna Beach - 92651 - 23 - $1,729,000 - 5.6%
Laguna Niguel - 92677 - 41 - $609,000 - minus 28.4%
Newport Beach - 92660 - 16 - $1,542,000 - minus 5.1%
Newport Beach - 92661- 2 - $2,085,000 - 1.1%
Newport Beach - 92663 - 9 - $2,310,000 - 52.0%
Newport Coast - 92657 - 7 - $1,710,000 - 3.6%
San Clemente - 92672 - 12 - $848,000 - minus 26.9%
an Clemente - 92673 - 36 - $824,000 - minus 6.3%
*Sales information provided by DQNews/LATimes, 09/28/08.
