TODAY'S MARKET: DISTRESS-SELLING, BARGAIN-HUNTING AND ENTRY-LEVEL BUYING
Today's market can be characterized as much by activity that's not happening, as by the activity that is happening. We're seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold.
THE MARKET: Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts.
THE GOOD NEWS: The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear.
2010 SALES FOR LAGUNA BEACH: For 2010 a total of 332 homes were reported sold. Up from 282 of 2009 and 206 of 2008. The last highest sale year was 2005 with 420 sold properties. The reason for this difference between 2005 and 2010 is the amount of unsold inventory. The end of 2005 had 169 properties of unsold homes for sale whereas 2010 ended with 287, which is the lowest amount of all months in 2010.
BUYERS: With inventory lowering and median prices increasing you may want to consider that this is the low point of the market. Interest rates are at an all time low. Don't miss the market and end up saying, "I should have bought in 2011."
SELLERS: This doesn't mean it is your market...yet. With inventory high and distress, bargain and entry level sales going on you need to continue to be realistic in pricing and ready to negotiate your sale price.
DQNews, Pamela Horton 12/31/2010
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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 = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 12/31/2010
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2009 COMPARED TO NOVEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,100,000 - 27.3%
Capo Beach - 92624 - 4- $459,000 - minus 38.6%
Cororna del Mar - 92625 - 10 - $2,013,000 - minus 32.1%
Costa Mesa - 92626 - 20 - $530,000 - 2.7%
Costa Mesa - 92627 - 20 - $549,000 - minus 5.4%
Dana Point - 92629 - 23 - $640,000 - minus 2%
Laguna Beach - 92651 - 28 - $1,225,000 - 22.5%
Laguna Niguel - 92677 -42 - $637,000 - minus 4.2%
Newport Beach - 92660 - 31 - $1,205,000 - minus 8%
Newport Beach - 92661- 2 - $2,635,000 - 35.1%
Newport Beach - 92663 - 9 - $1,525,000 - 27.1%
Newport Coast - 92657 - 14 - $2,500,000 - 47.1%
San Clemente - 92672 - 19 - $625,000 - minus 15%
San Clemente - 92673 - 22 - $751,000 - 14.7%
*DQNews/LATimes, 12/31/2010
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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!
