STATE HOME SALES DOUBLE AS PRICES FALL
Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.
STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.
THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.
WHAT DOES THIS MEAN TO YOU?
SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.
BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!
*DataQuik & CAR, 02/28/09
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160
*MLS 02/28/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%
*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.
