SOUTHERN CALIFORNIA MEDIAM SALES AND PRICES
Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.
BUYERS: With prices and mortgage interest rates low, the cost of ownership is about as low as we've seen it in decades. With the current loan rates and reduced prices, it's possible the stars won't line up this way again for many years for home buyers.
Absentee buyers bought 18.9% of the homes sold in February. Buyers who paid all cash accounted for 29.3% of February sales. In January it was a revised 29.7% - an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.
LOANS: The loan market is lopsided with most financing being with fixed rate loans. Before a real rebalancing of the market can occur adjustable-rate and jumbo mortgages need to come back.
THE MARKET: Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.57% percent a year ago, which was the all-time high.
THE ECONOMY: Don't bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7% jobless rate achieved in February. The Federal Reserve, meanwhile, will keep the benchmark loan rates near zero and that they will stay low for an "extended period" while the economy recovers.
*Realty Times, 3/22/10, CAR 3/17/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2359, w/Bank Conditions = 408
In Escrow Listings = 1006, w/Bank Conditions = 604
Sold from 01/01/09 = 882, w/Bank Conditions = 321
*MLS 03/31/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2009 COMPARED TO JANUARY 2010:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - n/a - n/a - n/a
Capo Beach - 92624 - 6 - $748,000 - 48.8%
Corona del Mar - 92625 - 10 - $1,698,000 - 10.9%
Costa Mesa - 92626 - 19- $570,000 - 8.6%
Costa Mesa - 92627 - 15 - $495,000 - minus 17.5%
Dana Point - 92629 - 5 - $625,000 - 11.8%
Laguna Beach - 92651 - 13 - $710,000 - 32.2%
Laguna Niguel - 92677 - 42 - $710,000 - 11.8%
Newport Beach - 92660 - 19 - $1,013,000 - 19.1%
Newport Beach - 92661- 2 - $4,046,000 - 255.6%
Newport Beach - 92663 - 5 - $1,000,000 - 25%
Newport Coast - 92657 - 17 - $2,298,000 - +64.1%
San Clemente - 92672 - 13 - $600,000 - minus 17/2%
San Clemente - 92673 - 31 - $785,000 - 3.0%
*Note all prices averages are higher over 2009 except for two zip codes, the sign of a changing market?!
DQNews/LATimes, 03/22/2010
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ZIP Codes Analyzed: 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!
