AUGUST HOME SALES INCREASED
THE MARKET: While homes sales increased the medium home price declined by 6.9%. This may seem like bad news, it is not. As with any recovering market first sales must increase for inventory to decrease. When there is a demand for inventory (less inventory) then prices will begin to increase. For example, In 1997 the home sales began to increase over the decline of the 90's with sales prices increasing steadily through July 2007.
BUYERS: First-time buyers continue to be the driving force in home sales throughout the state," said C.A.R. President James Liptak. "The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. It is expected that the tax credit, which is a proven economic stimulus that clearly is working, should be extended through 2010 and expanded to include all home buyers."
SALES: "Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38% higher on a year-to-date basis compared with 2008," said Appleton-Young. "Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates."
*CAR, 9/28/09
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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 = 2,435, w/Bank Conditions = 374
In Escrow Listings = 921, w/Bank Conditions = 511
Sold from 01/01/09 = 2,751, w/Bank Conditions = 911
*MLS 09/28/2009
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2008 COMPARED TO JULY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $530,000 - minus 15.9%
Corona del Mar - 92625 - 12- $1,843,000 - minus 10.0%
Costa Mesa - 92626 - 30- $495,000 - minus 10%
Costa Mesa - 92627 - 30 - $595,000 - 17.2%
Dana Point - 92629 - 12 - $745,000 - minus 3.8%
Laguna Beach - 92651 - 26 - $1,145,000 - minus 33.8%
Laguna Niguel - 92677 - 45 - $695,000 - 8.2%
Newport Beach - 92660 - 21 - $1,253,000 - minus 20.1%
Newport Beach - 92661- 2 - $4,300,000 - 106.2%
Newport Beach - 92663 - 12 - $1,130,000 - minus 51.1%
Newport Coast - 92657 - 14 - $1,575,000 - minus 7.9%
San Clemente - 92672 - 30 - $595,000 - minus 36.5%
San Clemente - 92673 - 28 - $740,000 - minus 10.2%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 09/28/09
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 Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
