INVESTOR INTEREST HIGH - SOUTHLAND HOME SALES AT 3-YEAR LOW
Southern California's housing market remained sluggish in February despite relatively strong demand from investors and others paying cash for homes. Prices appeared fairly flat as many potential home buyers stayed on the sidelines and waited - whether for a sign values have bottomed, job security has improved or credit has loosened.
Foreclosure Sales - Properties foreclosed on in the prior 12 months made up 37.1% of sales, up from 36.8% in January but down from 42.4% in 2010. Foreclosure sales peaked at 56.7% in February 2009.
Short Sales - Transactions where the sale price fell short of what was owed on the property made up an estimated 19.8% of sales. This was up from an estimated 19.7% in January, 18.4% a year earlier, and 12% two years ago.
Investor Purchases - The abundance of distressed homes for sale continues to attract unusually high levels of investors and second-home buyers who bought a record 26.1%.
Cash Purchasers - Accounted for a record 31.7% of February home sales. This is up from 30.4% in January and 30.1% a year earlier. The February cash level was the highest for any month in DataQuick's statistics which go back to 1988.
Laguna Beach Statistics For March 2011 - 24 homes closed escrow, 55 were in escrow and 317 unsold. The high level of unsold homes is the key factor in prices staying low and decreasing prices of existing listings. Sales price ranges - 11 homes sold for under $1 million, 10 homes sold from $2-3 million and 3 in the $2-3 million price range.
*Information sources: DataQuick/SoCalMLS 3/31/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,285, w/Bank Conditions = 428
In Escrow Listings = 578, w/Bank Conditions = 505
Sold from 01/01/11 = 874, w/Bank Conditions = 325
*SoCalMLS 03/31/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2010 COMPARED TO FEBRUARY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,348,000 - n/a
Capo Beach - 92624 - 5- $570,000 - minus 23.7%
Corona del Mar - 92625 - 12 - $1,275,000 -minus 24.9%
Costa Mesa - 92626 - 8 - $520,000 - minus 8.9%
Costa Mesa - 92627 -19 - $505,000 - minus 8.9%
Dana Point - 92629 - 11 - $950,000 - 52%
Laguna Beach - 92651 - 24 - $1,100,000 - minus 34.7%
Laguna Niguel - 92677 -35 - $585,000 - minus 18.2%
Newport Beach - 92660 - 16 - $1,205,000 - 9.5%
Newport Beach - 92661- 1 - $1,300,000 - minus 67.9%
Newport Beach - 92663 - 12 - $1,015,000 - 1.5%
Newport Coast - 92657 - 10 - $1,300,000 - minus 43.4%
San Clemente - 92672 - 16 - $546,000 - minus 9%
San Clemente - 92673 - 31 - $670,000 - minus 14.6%
*DataQuickNews/LATimes, 03/31/2011
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