MARCH 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS

Winter Sunset from Montage Resort
by Gregory Schaeffer

Southland Home Sales Drop in January; Price Picture Mixed

SoCal logged its lowest January home sales in three years as buyers continued to wrestle with a tight inventory of homes for sale, a fussy mortgage market and the highest prices in years. The median price paid for a home dipped from December – a normal seasonal decline – but remained 18% higher than January last year.

The Economy: Is growing, but Southland home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average. Why? We’re still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices matter, too.

Pent Up Demand, Inventory: Two of the bigger questions hanging over the housing market right now is, “How much pent-up demand is left out there? And  will inventory skyrocket this year as more owners take advantage of the price run-ups? Unfortunately, we’ll probably have to wait until spring for the answers. When it comes to statistical trends, January and February are atypical months that haven’t proven to be predictive over the years.

Upper End of the Market: The number of homes sold in many middle and up-market areas continued to rise on a year-over-year basis last month, while more affordable markets generally saw less activity than a year earlier.

*Source DQNews 2/14/14

Trending:

Sales Volume is down to 2,105 versus 2,252 a year ago

Average Home Payment is $2,593.68

Inventory is up 5,283 up from 5,087 just one month ago

Mortgage Defaults 378, down 14.9% versus one month ago

Foreclosures 73, down 36.5% versus one month ago

Average Days on Market 2.22 months (64 days)


*Updated 3/17/14

------------------------------------------------------------------------------------------------

FEBRUALY 2014 SALES STATISTICS FOR LAGUNA BEACH:

193 active listings
30 in escrow
24 closed sales from 2/01/14 - 28/14

24 closed sale statistics:
5 sales under $1 million
6 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $4-5 million

1 sale $5,00o,000
1 sale $8,500,000

 *Source CRMLS updated 3/17/14
-------------------------------------------------------

COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2013 COMPARED TO JANUARY 2014:

Balboa Island - 92662 - 2 - $1,950,000 – 18.2%
Capo Beach - 92624 - 6 - $744,000 – 11.8%
Corona del Mar - 92625 - 7 - $2,563,000 – 57.7%
Costa Mesa - 92626 - 15- $680,000 – 25.5%
Costa Mesa - 92627 - 15 - $785,000 – 58.6%
Dana Point - 92629 - 14- $788,000 – 5%
Laguna Beach - 92651 - 20 - $1,400,000 – minus 3.9%
Laguna Niguel - 92677 - 33 - $790,000 – 14.4%
Newport Beach - 92660 - 20 - $1,705,000 – 24.1%
Newport Beach – 92661 – 2 - $2,003,000 – 33.9%

Newport Beach – 92663 – 11 - $1,385,000 – minus 12.6%

Newport Coast – 92657 – 9 - $3,880,000 – 89.3%

San Clemente – 92672 – 25 - $730,000 – 12.1%

San Clemente – 92673 – 26 - $793,000 – 8.6%

*Source DQNews/LATimes 2/28/14

--------------------------------------------------------

Put Our Expertise To Work For You

Licensed Real Estate Brokers 
Specializing in the Coastal Real Estate Market

Click Link Below To Search For Properties in MLS

HortonsInLaguna