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JANUARY SALES UP, PRICES LOWER
Normal trend for January sales is that traditional buyers retreat and investors snap up homes. Thus 2012 started with slightly higher sales and slightly lower prices. Typically January sales have never been a good indicator of what upcoming activity will be like. For this we need to wait until March (Spring) which usually foretells what all types of buyers will be doing.
Distressed Sales: Non-equity sales made up over half the resale market with absentee buyers - mostly investors and some second-home purchasers - bought a record 26.8% of the homes sold in January.
Cash Purchasers: Accounted for a near-record 31.4% of January home sales.
Foreclosures: Are lower than peak levels reached over the last two years. Making up 32.6% of sales, down from last year. Delinquent homeowners with mortgages above $1 million are escaping foreclosure longer than those with smaller mortgages.
Financing: Mortgage interest rates are still at a record-low. Loan terms are restrictive, not many buyers are using multiple mortgage financing and down payments are usually 20% or more; unless applying for an FHA loan which has lower guidelines and is mostly for first time buyers.
MARCH STATISTICS FOR LAGUNA BEACH:
243 homes for sale
69 in escrow
27 closed sales from 2/1/12 - 2/28/12
Sales ranges for February 2012:
17 sales under $1 million
7 sales $1-2 million
1 sale for $2,350,000
1 sale for $3,200,000
1 sale for $4,150,000
*SoCalMLS, DQNews 3/01/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 1,753 Distressed = 325
In Escrow Listings = 845 Distressed = 508
Sold from 01/01/11 = 222 Distressed = 79
*SoCalMLS 03/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2011 COMPARED TO FEBRUARY 2012:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,725,000 - minus 18%
Capo Beach - 92624 - 4- $385,000 - minus 36.9%
Corona del Mar - 92625 - 11 - $1,840,000- minus 15.8%
Costa Mesa - 92626 - 15 - $440,000 - minus 12.6%
Costa Mesa - 92627 -1820- $510,000 - minus 18.1%
Dana Point - 92629 - 14 - $663,000 - 6%
Laguna Beach - 92651 - 24 - $900,000 - minus 11.8%
Laguna Niguel - 92677 -38 - $680,000 - minus .7%
Newport Beach - 92660 - 25 - $1,197,000 - minus .6%
Newport Beach - 92661- 1 - $2,300,000 - minus 13.2%
Newport Beach - 92663 - 7- $790,000 - minus 55.7%
Newport Coast - 92657 - 18 - $1,553,000 - minus 17.9%
San Clemente - 92672 -18 - $675,000 - 3.8%
San Clemente - 92673 - 19 - $699,000 - minus 6.2%
*DataQuickNews 03/01/2012
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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!
Normal trend for January sales is that traditional buyers retreat and investors snap up homes. Thus 2012 started with slightly higher sales and slightly lower prices. Typically January sales have never been a good indicator of what upcoming activity will be like. For this we need to wait until March (Spring) which usually foretells what all types of buyers will be doing.
Distressed Sales: Non-equity sales made up over half the resale market with absentee buyers - mostly investors and some second-home purchasers - bought a record 26.8% of the homes sold in January.
Cash Purchasers: Accounted for a near-record 31.4% of January home sales.
Foreclosures: Are lower than peak levels reached over the last two years. Making up 32.6% of sales, down from last year. Delinquent homeowners with mortgages above $1 million are escaping foreclosure longer than those with smaller mortgages.
Financing: Mortgage interest rates are still at a record-low. Loan terms are restrictive, not many buyers are using multiple mortgage financing and down payments are usually 20% or more; unless applying for an FHA loan which has lower guidelines and is mostly for first time buyers.
MARCH STATISTICS FOR LAGUNA BEACH:
243 homes for sale
69 in escrow
27 closed sales from 2/1/12 - 2/28/12
Sales ranges for February 2012:
17 sales under $1 million
7 sales $1-2 million
1 sale for $2,350,000
1 sale for $3,200,000
1 sale for $4,150,000
*SoCalMLS, DQNews 3/01/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 1,753 Distressed = 325
In Escrow Listings = 845 Distressed = 508
Sold from 01/01/11 = 222 Distressed = 79
*SoCalMLS 03/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2011 COMPARED TO FEBRUARY 2012:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,725,000 - minus 18%
Capo Beach - 92624 - 4- $385,000 - minus 36.9%
Corona del Mar - 92625 - 11 - $1,840,000- minus 15.8%
Costa Mesa - 92626 - 15 - $440,000 - minus 12.6%
Costa Mesa - 92627 -1820- $510,000 - minus 18.1%
Dana Point - 92629 - 14 - $663,000 - 6%
Laguna Beach - 92651 - 24 - $900,000 - minus 11.8%
Laguna Niguel - 92677 -38 - $680,000 - minus .7%
Newport Beach - 92660 - 25 - $1,197,000 - minus .6%
Newport Beach - 92661- 1 - $2,300,000 - minus 13.2%
Newport Beach - 92663 - 7- $790,000 - minus 55.7%
Newport Coast - 92657 - 18 - $1,553,000 - minus 17.9%
San Clemente - 92672 -18 - $675,000 - 3.8%
San Clemente - 92673 - 19 - $699,000 - minus 6.2%
*DataQuickNews 03/01/2012
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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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