"AN OPTIMIST WILL TELL YOU THE GLASS IS HALF FULL; THE PESSIMIST, HALF EMPTY; AND THE ANALYST WILL TELL YOU THE GLASS IS TWICE THE SIZE IT NEEDS TO BE." Anonymous
Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.
HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.
NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.
FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.
WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.
*04/27/09 Sandstone Financial, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354
*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County Location
Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera."
The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.
From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com
