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| Laguna Sunset Photo by Scott Brashier
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SHRINKING INVENTORY UPENDS HOME MARKET
Many home shoppers assume they are still in a buyers' market find that reality is inventory is shrinking. The supply of homes for sale has fallen. This is having an important side effect by raising prices.
WHAT BUYERS ARE DOING:
Finding themselves often a multiple offer situation buyers are inserting price escalation clauses in their counter offers. Often they are waiving financing contingencies, home inspections and agreeing to raise their down payment.
BEHIND THE INVENTORY DECLINE:
Negative equity plays a large role. Sellers don't want to take a big loss in a slowly improving price environment. So they sit tight rather than list.
WHAT LENDERS ARE DOING: Banks with large stocks of pre-foreclosure and foreclosed properties are doing the same, holding homes off the market. This is creating a "shadow inventory" of estimated 1.5 million unsold homes.
JULY STATISTICS FOR LAGUNA BEACH:
222 homes for sale
77 in escrow
40 closed sales from 7/1/12 - 7/31/12
40 Sale Ranges for July 2012:
13 sales under $1 million
12 sales $1-2 million*
8 sales $2-3 million
2 sales $3-4 million
2 sales $6-7 million
2 sales $8-9 million
1 sale for $16,000,000
*$2-3M range picks up more sales.
*SoCalMLS, DQNews 7/31/12
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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 = 1,491 Distressed = 108
In Escrow Listings = 1,090 Distressed = 493
Sold from 01/01/12 = 2,977 Distressed = 880
*SoCalMLS 07/31/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2011 COMPARED TO JUNE 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,585,000 - minus 41.3%
Capo Beach - 92624 - 11 - $625,000 - 5.4%
Corona del Mar - 92625 - 24 - $1,675,000 minus 11.7%
Costa Mesa - 92626 - 31 - $520,000 - 10.1%
Costa Mesa - 92627 - 22 - $540,000 - 8.0%
Dana Point - 92629 - 27 - $746,000 - 10.8%
Laguna Beach - 92651 - 43 - $1,400,000 - 3.7%
Laguna Niguel - 92677 - 62 - $608,000 - minus 9.9%
Newport Beach - 92660 - 54 - $1,300,000 - 13.0%
Newport Beach - 92661- 3 - $1,600,000 - minus 51.6%
Newport Beach - 92663 - 27 - $1,143,000 - minus 12.1%
Newport Coast - 92657 - 20 - $1,839,000 - minus 37.2%
San Clemente - 92672 -44 - $595,000 - 6.7%
San Clemente - 92673 - 43 - $700,000 - 2.9%
*DataQuickNews 07/31/2012
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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!
Many home shoppers assume they are still in a buyers' market find that reality is inventory is shrinking. The supply of homes for sale has fallen. This is having an important side effect by raising prices.
WHAT BUYERS ARE DOING:
Finding themselves often a multiple offer situation buyers are inserting price escalation clauses in their counter offers. Often they are waiving financing contingencies, home inspections and agreeing to raise their down payment.
BEHIND THE INVENTORY DECLINE:
Negative equity plays a large role. Sellers don't want to take a big loss in a slowly improving price environment. So they sit tight rather than list.
WHAT LENDERS ARE DOING: Banks with large stocks of pre-foreclosure and foreclosed properties are doing the same, holding homes off the market. This is creating a "shadow inventory" of estimated 1.5 million unsold homes.
JULY STATISTICS FOR LAGUNA BEACH:
222 homes for sale
77 in escrow
40 closed sales from 7/1/12 - 7/31/12
40 Sale Ranges for July 2012:
13 sales under $1 million
12 sales $1-2 million*
8 sales $2-3 million
2 sales $3-4 million
2 sales $6-7 million
2 sales $8-9 million
1 sale for $16,000,000
*$2-3M range picks up more sales.
*SoCalMLS, DQNews 7/31/12
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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 = 1,491 Distressed = 108
In Escrow Listings = 1,090 Distressed = 493
Sold from 01/01/12 = 2,977 Distressed = 880
*SoCalMLS 07/31/12
----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2011 COMPARED TO JUNE 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,585,000 - minus 41.3%
Capo Beach - 92624 - 11 - $625,000 - 5.4%
Corona del Mar - 92625 - 24 - $1,675,000 minus 11.7%
Costa Mesa - 92626 - 31 - $520,000 - 10.1%
Costa Mesa - 92627 - 22 - $540,000 - 8.0%
Dana Point - 92629 - 27 - $746,000 - 10.8%
Laguna Beach - 92651 - 43 - $1,400,000 - 3.7%
Laguna Niguel - 92677 - 62 - $608,000 - minus 9.9%
Newport Beach - 92660 - 54 - $1,300,000 - 13.0%
Newport Beach - 92661- 3 - $1,600,000 - minus 51.6%
Newport Beach - 92663 - 27 - $1,143,000 - minus 12.1%
Newport Coast - 92657 - 20 - $1,839,000 - minus 37.2%
San Clemente - 92672 -44 - $595,000 - 6.7%
San Clemente - 92673 - 43 - $700,000 - 2.9%
*DataQuickNews 07/31/2012
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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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