 |
| "Main Beach at Night" |
Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations.
The reasons for selling changed significantly in just one year.
In 2012, the majority of sellers sold primarily because of financial
difficulties, but as home prices surged, a desire to trade up became the top
reason for selling in 2013. Others wanted to take advantage of low
interest rates to finance their next home, and some sellers believed the price
of their home had peaked and wanted to cash out.
Market Conditions: Heightened
market competition in the first half of 2013 led to an increase of multiple
offers, nearly all home sellers, 98% said they received multiple offers, up
from 83% 2012. On average, each home sale received 5.9 offers in 2013
compared to 3.1 offers in 2012.
Bidding Wars Not Uncommon:
Multiple offers occurred for about 45% of all sellers receiving offers higher
than the asking price.
Social Media Has Larger
Role: Playing a larger role in the home-selling process nearly 74%
of sellers incorporated social media into the selling process, up from only 24%
in 2010. Sellers used social media sites such as Facebook (83%); Twitter
(52%); YouTube (39%); LinkedIn (24%); and Yelp (19%) to learn more about their
agents or to communicate with them.
*Pamela and Amanda have been using social media extensively
since 2010 to market homes and communicate with buyers and sellers.Trending:
New home sales continue to grow.
Medium home sales prices to climb.
Defaults and Foreclosures to decline.
Home appreciation forecast at 6.6% to 8.2%.
Improving economy to create more buyers.
Low inventory a concern.
*Source CAR/Pamela Horton
--------------------------------------------------------------------------------------------
JANUARY 2014 SALES STATISTICS FOR LAGUNA BEACH:
193 active listings
32 in escrow
16 closed sales from 1/01/14 - 1/31/14
Sales for January 2014:
4 - Less than $1 million
6 - $1-2 million
3 - $2-3 million
2 - $3-4 million
1 - for $7,250,000
*Source CRMLS 1/31/14
----------------------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2012 COMPARED TO DECEMBER 2013:
Balboa Island - 92662 - 1 - $900,000 – minus 64%
Capo Beach - 92624 - 4 - $753,000 – 16%
Corona del Mar - 92625 - 19 - $3,499,000 – 78.4%
Costa Mesa - 92626 - 20- $616,000 – 22.7%
Costa Mesa - 92627 - 31 - $736,000 – 49.4%
Dana Point - 92629 - 36- $860,000 – minus 29%
Laguna Beach - 92651 - 35 - $1,457,000 – 7.1%
Laguna Niguel - 92677 - 52 - $823,000 – 29.6%
Newport Beach - 92660 - 34 - $1,378,000 – 8.6%
Newport Beach – 92661 – 5 - $1,825,000 – minus 41%
Newport Beach – 92663 – 21 - $1,600,000 – minus 5.1%
Newport Coast – 92657 – 14 - $2,135,000 – 00%
San Clemente – 92672 – 35 - $750,000 – 24.4%
San Clemente – 92673 – 21 - $820,000 – 8.7%
*Source DQNews/LATimes 1/31/14
---------------------------------------------------------------------------------------
Put Our Expertise To Work For You...
Licensed Real Estate Brokers Specializing in
the Coastal Real Estate Market.
