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| Aliso Beach, South Laguna |
SOUTHLAND HOUSING MARKET REMAINS WEAK
SoCal home sales fell last month especially for $500,000-plus homes, as the job market sputtered, economic uncertainty intensified and some potential homebuyers got cold feet. Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations.
The median home sale price has declined year-over-year for the past five months. It has been unchanged or lower than a year earlier each month since last December, when it posted a 0.3% annual increase.
SHORT SALES: Where the sale price fell short of what was owed on the property, made up an estimated 17.3% of sales last month. This is down from 19.4% last year and two years ago the estimate was 14.3%.
LOANS: Tight credit conditions continue to hamper sales in mid- to high-end markets that have long relied on adjustable-rate and "jumbo" home loans.
BUYERS: Paying cash accounted for 28.2% of sales. Many who pay cash are absentee buyers, who are mainly investors.
HIGH END HOME SALES: Mid- to high-end activity suggests these neighborhoods now account for a fairly normal level of sales relative to overall activity. Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 37.0% of total sales last month, compared with a 10-year monthly average of 36.9%. Last month's figure was down slightly from a year ago.
LAGUNA BEACH MARKET: For August 2011 currently there are 342 homes for sale, 73 in escrow and 18 closed sales.
*Information sources: DataQuick 8/30/11
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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 = 2,452 w/Bank Conditions = 417
In Escrow Listings = 582 w/Bank Conditions = 498
Sold from 01/01/11 = 2,816 w/Bank Conditions = 955
*SoCalMLS 08/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2011 COMPARED TO JULY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,058,000 - 32.9%
Capo Beach - 92624 - 6- $630,000 - minus 24.3%
Corona del Mar - 92625 - 15 - $1,225,000- minus 22.2%
Costa Mesa - 92626 - 23 - $500,000 - minus 5.7%
Costa Mesa - 92627 -32- $512,000 - 2.4%
Dana Point - 92629 - 24 - $650,000 - minus 13.9%
Laguna Beach - 92651 - 27 - $1,458,000 - 6.0%
Laguna Niguel - 92677 -61 - $695,000 - 12.6%
Newport Beach - 92660 - 30 - $1,330,000 - minus 3.1%
Newport Beach - 92661- 3 - $1,254,000 - minus 14.4%
Newport Beach - 92663 - 12- $1,230,000 - minus 0.9%
Newport Coast - 92657 - 13 - $1,720,000 - 4.9%
San Clemente - 92672 - 20- $630,000 - minus 2.7%
San Clemente - 92673 - 35 - $720,000 - minus 12.0%
*More minus % compared to last year's average sale prices. DataQuickNews 08/30/2011
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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!
SoCal home sales fell last month especially for $500,000-plus homes, as the job market sputtered, economic uncertainty intensified and some potential homebuyers got cold feet. Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations.
The median home sale price has declined year-over-year for the past five months. It has been unchanged or lower than a year earlier each month since last December, when it posted a 0.3% annual increase.
SHORT SALES: Where the sale price fell short of what was owed on the property, made up an estimated 17.3% of sales last month. This is down from 19.4% last year and two years ago the estimate was 14.3%.
LOANS: Tight credit conditions continue to hamper sales in mid- to high-end markets that have long relied on adjustable-rate and "jumbo" home loans.
BUYERS: Paying cash accounted for 28.2% of sales. Many who pay cash are absentee buyers, who are mainly investors.
HIGH END HOME SALES: Mid- to high-end activity suggests these neighborhoods now account for a fairly normal level of sales relative to overall activity. Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 37.0% of total sales last month, compared with a 10-year monthly average of 36.9%. Last month's figure was down slightly from a year ago.
LAGUNA BEACH MARKET: For August 2011 currently there are 342 homes for sale, 73 in escrow and 18 closed sales.
*Information sources: DataQuick 8/30/11
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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 = 2,452 w/Bank Conditions = 417
In Escrow Listings = 582 w/Bank Conditions = 498
Sold from 01/01/11 = 2,816 w/Bank Conditions = 955
*SoCalMLS 08/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2011 COMPARED TO JULY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,058,000 - 32.9%
Capo Beach - 92624 - 6- $630,000 - minus 24.3%
Corona del Mar - 92625 - 15 - $1,225,000- minus 22.2%
Costa Mesa - 92626 - 23 - $500,000 - minus 5.7%
Costa Mesa - 92627 -32- $512,000 - 2.4%
Dana Point - 92629 - 24 - $650,000 - minus 13.9%
Laguna Beach - 92651 - 27 - $1,458,000 - 6.0%
Laguna Niguel - 92677 -61 - $695,000 - 12.6%
Newport Beach - 92660 - 30 - $1,330,000 - minus 3.1%
Newport Beach - 92661- 3 - $1,254,000 - minus 14.4%
Newport Beach - 92663 - 12- $1,230,000 - minus 0.9%
Newport Coast - 92657 - 13 - $1,720,000 - 4.9%
San Clemente - 92672 - 20- $630,000 - minus 2.7%
San Clemente - 92673 - 35 - $720,000 - minus 12.0%
*More minus % compared to last year's average sale prices. DataQuickNews 08/30/2011
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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!
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| http://www.hortonsinlaguna.com/ |
