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| Montage Resort Holiday Scene |
RESALE ACTIVITY AHEAD OF LAST YEAR
For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can't move up, and a weak job market.
LOANS: The lower conforming loan limits implemented last month help explain the relatively sharp drop in mid- to high-end sales during October. FHA loans and mortgages guaranteed by Fannie Mae and Freddie Mac were lowered from $729,750 to $625,500. Eliminating a sector of buyers. Now we'll have to see if the private loan market can fill the void.
LAGUNA BEACH MARKET: Currently in Laguna Beach there are 250 homes for sale, 65 in escrow and 27 closed sales for November. 10 sales were under $1million, 10 between $1-2million, 5 between $2-3M and 2 between $6-7M.
MLS, DQNews 11/30/11
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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 = 1,985 w/Bank Conditions = 397
In Escrow Listings = 486 w/Bank Conditions = 487
Sold from 01/01/11 = 3,848 w/Bank Conditions = 1,295
*SoCalMLS 11/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2010 COMPARED TO OCTOBER 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,590,000 - minus 3.3%
Capo Beach - 92624 - 6- $567,000 - minus 17.9%
Corona del Mar - 92625 - 6 - $1,565,000- 1.0%
Costa Mesa - 92626 - 26 - $498,000 - minus 17.4%
Costa Mesa - 92627 -24- $493,000 - minus 1.5%
Dana Point - 92629 - 16 - $623,000 - minus 7.8%
Laguna Beach - 92651 - 30 - $1,523,000 - 8%
Laguna Niguel - 92677 -39 - $635,000 - minus 11.2%
Newport Beach - 92660 - 26 - $963,000 - minus 16.3%
Newport Beach - 92661- 1 - $825,000 - minus 65.3%
Newport Beach - 92663 - 11- $1,307,000 - minus 12.9%
Newport Coast - 92657 - 12 - $2,647,000 - minus 11.8%
San Clemente - 92672 -11 - $550,000 -minus 15.4%
San Clemente - 92673 - 34 - $600,000 - minus 20.0%
*Not as many minus % compared to last year's average sale prices. DataQuickNews 11/30/2011
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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!
For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can't move up, and a weak job market.
LOANS: The lower conforming loan limits implemented last month help explain the relatively sharp drop in mid- to high-end sales during October. FHA loans and mortgages guaranteed by Fannie Mae and Freddie Mac were lowered from $729,750 to $625,500. Eliminating a sector of buyers. Now we'll have to see if the private loan market can fill the void.
LAGUNA BEACH MARKET: Currently in Laguna Beach there are 250 homes for sale, 65 in escrow and 27 closed sales for November. 10 sales were under $1million, 10 between $1-2million, 5 between $2-3M and 2 between $6-7M.
MLS, DQNews 11/30/11
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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 = 1,985 w/Bank Conditions = 397
In Escrow Listings = 486 w/Bank Conditions = 487
Sold from 01/01/11 = 3,848 w/Bank Conditions = 1,295
*SoCalMLS 11/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2010 COMPARED TO OCTOBER 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,590,000 - minus 3.3%
Capo Beach - 92624 - 6- $567,000 - minus 17.9%
Corona del Mar - 92625 - 6 - $1,565,000- 1.0%
Costa Mesa - 92626 - 26 - $498,000 - minus 17.4%
Costa Mesa - 92627 -24- $493,000 - minus 1.5%
Dana Point - 92629 - 16 - $623,000 - minus 7.8%
Laguna Beach - 92651 - 30 - $1,523,000 - 8%
Laguna Niguel - 92677 -39 - $635,000 - minus 11.2%
Newport Beach - 92660 - 26 - $963,000 - minus 16.3%
Newport Beach - 92661- 1 - $825,000 - minus 65.3%
Newport Beach - 92663 - 11- $1,307,000 - minus 12.9%
Newport Coast - 92657 - 12 - $2,647,000 - minus 11.8%
San Clemente - 92672 -11 - $550,000 -minus 15.4%
San Clemente - 92673 - 34 - $600,000 - minus 20.0%
*Not as many minus % compared to last year's average sale prices. DataQuickNews 11/30/2011
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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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