SOUTHERN CALIFORNIA HOME SALES DIP
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
LAGUNA BEACH MARKET: In August 2010 there were 28 closed sales with inventory of 404 properties which is higher than sales for July 2010 with 20 closed sales and inventory of 399 homes. Sales picking up is a very good sign. But with rising inventory competition is even greater than it has been in a long time. Sellers need to price realistically; listen to their chosen real estate professional as to list price and not your "wish" price!
SELLERS: It is expected some "sideways" buying and selling will kick in, especially among homeowners who have owned for more than seven years and didn't take out equity during the frenzy. You may have to "discount" your self-perceived home value, but if the person you're buying from has to do the same thing, it doesn't matter. And you may get a spectacularly low mortgage rate.
BUYERS: The "flipping" of homes has trended higher over the past year. Last month the percentage of Southland homes flipped - bought and re-sold - within a six-month period was 3.7% while in June it was 3.4% and a year ago it was 2%. Last month flipping varied from as little as 2.8 percent in Orange County to as much as 4.4 percent in Los Angeles County.
CASH BUYERS: Accounted for 26.7% of July sales.
*PH - 9/01/10
------------------------------------------------------
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 = 2806, w/Bank Conditions = 505
In Escrow Listings = 832, w/Bank Conditions = 466
Sold from 01/01/10 = 2837, w/Bank Conditions = 947
*SOCALMLS 09/01/10
-------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,300,000 - 37.3%
Capo Beach - 92624 - 4 - $833,000 - 5.7%
Cororna del Mar - 92625 - 15 - $1,575,000 - minus 8.7%
Costa Mesa - 92626 - 25- $530,000 - 0.9%
Costa Mesa - 92627 - 19 - $500,000 - minus 10.1%
Dana Point - 92629 - 15 - $755,000 - minus 1%
Laguna Beach - 92651 - 24 - $1,375,000 - 17%
Laguna Niguel - 92677 - 40 - $617,000 - 0.3%
Newport Beach - 92660 - 30 - $1,558,000 - 21.3%
Newport Beach - 92661- 3 - $1,465,000 - n/a
Newport Beach - 92663 - 15 - $1,213,000 - minus 26.8%
Newport Coast - 92657 - 15 - $1,640,000 - minus 17%
San Clemente - 92672 - 16 - $648,000 - minus 3.6%
San Clemente - 92673 - 34 - $818,000 - 6.6%
*DQNews/LATimes, 09/01/2010
-------------------------------------------------------
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!
