HOME SALES, MEDIAN PRICES DECLINE FROM 2010
SoCal home sales held at a three-year low in May amid a sluggish move-up market. Median sale prices fell year-over-year by the largest amount in 20 months as buyer uncertainty, tight credit and lackluster hiring continued to restrain housing demand. May marked the 11th consecutive month in which sales fell year-over-year.
Home sales may begin to rebound in coming months as pending sales in May that close in June might show an increase of about 15% in June; if all pending sales close.
A year ago sales reached a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales. Key culprits are weak job growth, tight credit and hesitancy among buyers and sellers who question whether this is the best times to make their move.
So here we sit in the market doldrums, two of the more likely sources of fresh wind in the market's sails would be a pickup in hiring or further home price reductions; as prices are likely to increase until short sales and foreclosures lessen considerably.
Laguna Beach Market: Currently there are 345 homes for sale, 74 in escrow and 17 closed in May 2011. As noted above pricing of homes is important to reflect to buyers that a seller expects to sell and will negotiate accordingly.
"As Is" sales are common as prices are rock bottom for most sellers with some even needing to bring money to
pay-off escrow costs.
*Information sources: DataQuick 6/30/11
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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 = 2,585 w/Bank Conditions = 484
In Escrow Listings = 575 w/Bank Conditions = 508
Sold from 01/01/11 = 1,998 w/Bank Conditions = 698
*SoCalMLS 06/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2011 COMPARED TO MAY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,748,000 - 95.4%
Capo Beach - 92624 - 4- $628,000 - 13.6%
Corona del Mar - 92625 - 18 - $1,790,000- minus 3.2%%
Costa Mesa - 92626 - 26 - $518,000 - minus 1.4%
Costa Mesa - 92627 -27 - $440,000 - minus 5.4%
Dana Point - 92629 - 22 - $610,000 - minus 17%
Laguna Beach - 92651 - 18 - $1,100,000 - 12.2%
Laguna Niguel - 92677 -54 - $665,000 - 4.7%
Newport Beach - 92660 - 43 - $1,188,000 - 17.6%
Newport Beach - 92661- 3 - $1,403,000 - minus 13.4%
Newport Beach - 92663 - 14 - $1,740,000 - 6.6%
Newport Coast - 92657 - 16 - $2,158,000 - minus 6.2%
San Clemente - 92672 - 21- $650,000 - 7.9%
San Clemente - 92673 - 42 - $701,000 - 7.0%
*DataQuickNews/LATimes, 06/30/2011
SoCal home sales held at a three-year low in May amid a sluggish move-up market. Median sale prices fell year-over-year by the largest amount in 20 months as buyer uncertainty, tight credit and lackluster hiring continued to restrain housing demand. May marked the 11th consecutive month in which sales fell year-over-year.
Home sales may begin to rebound in coming months as pending sales in May that close in June might show an increase of about 15% in June; if all pending sales close.
A year ago sales reached a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales. Key culprits are weak job growth, tight credit and hesitancy among buyers and sellers who question whether this is the best times to make their move.
So here we sit in the market doldrums, two of the more likely sources of fresh wind in the market's sails would be a pickup in hiring or further home price reductions; as prices are likely to increase until short sales and foreclosures lessen considerably.
Laguna Beach Market: Currently there are 345 homes for sale, 74 in escrow and 17 closed in May 2011. As noted above pricing of homes is important to reflect to buyers that a seller expects to sell and will negotiate accordingly.
"As Is" sales are common as prices are rock bottom for most sellers with some even needing to bring money to
pay-off escrow costs.
*Information sources: DataQuick 6/30/11
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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 = 2,585 w/Bank Conditions = 484
In Escrow Listings = 575 w/Bank Conditions = 508
Sold from 01/01/11 = 1,998 w/Bank Conditions = 698
*SoCalMLS 06/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2011 COMPARED TO MAY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,748,000 - 95.4%
Capo Beach - 92624 - 4- $628,000 - 13.6%
Corona del Mar - 92625 - 18 - $1,790,000- minus 3.2%%
Costa Mesa - 92626 - 26 - $518,000 - minus 1.4%
Costa Mesa - 92627 -27 - $440,000 - minus 5.4%
Dana Point - 92629 - 22 - $610,000 - minus 17%
Laguna Beach - 92651 - 18 - $1,100,000 - 12.2%
Laguna Niguel - 92677 -54 - $665,000 - 4.7%
Newport Beach - 92660 - 43 - $1,188,000 - 17.6%
Newport Beach - 92661- 3 - $1,403,000 - minus 13.4%
Newport Beach - 92663 - 14 - $1,740,000 - 6.6%
Newport Coast - 92657 - 16 - $2,158,000 - minus 6.2%
San Clemente - 92672 - 21- $650,000 - 7.9%
San Clemente - 92673 - 42 - $701,000 - 7.0%
*DataQuickNews/LATimes, 06/30/2011
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