OC SALES PREDICTED TO INCREASE IN 2011
Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.
It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.
SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.
*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
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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 = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250
*SOCALMLS 11/29/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%
*DQNews/LATimes, 11/28/2010
