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| Art In Laguna Bench at Montage Oceanfront Walkway |
MEDIAN PRICE RISES TO 6-YEAR HIGH, SOUTHLAND HOME SALES AT 6-YEAR LOW
Home prices rose to a high not seen since in March in six years. The median sale price rose to a more-than-six-year high, driven up by demand that continues to exceed supply in many areas, as well as a shift toward a greater share of sales in middle and high-end markets.
SPRING MAKET: Southland home buying got off to a very slow start this year, with last month’s sales coming in at the second-lowest level for a March in nearly two decades.
Reasons for this:
1. The inventory of homes for sale remains thin in many markets.
2. Investor purchases have fallen.
3. The jump in home prices and mortgage rates over the past year has priced some
people out of the market.
4. Also, would-be buyers struggle with credit hurdles.
5. Some potential move-up buyers are holding back while they weigh whether to
abandon a phenomenally low interest rate on their current mortgage in order to buy
different home.
DEFAULTS: The number of homeowners defaulting on their mortgage should continue to trend lower thanks to the economic rebound and higher home prices. For a variety of reasons, however, NOD (notices of default) filings could edge higher. This may be due to some larger lenders and servicers that need to quicken the pace at which they're processing existing backlogs of distressed properties. The impact of distressed properties continued to wane.
HIGH END: It’s better to be on the luxury side of the real estate market for the moment. Prices generally rise faster than at the higher end and sales have been improving in the past year. Homes priced at $1 million+ rose 14.4% over the past 12 months. See statistics below.
*Source DQNews/OC Register 4/28/14
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APRIL 2014 SALES STATISTICS LAGUNA BEACH:
224 active listings
56 in escrow
44 closed sales from 4/1/14 - 4/30/14
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Statistics for 44 Closed Sales:
5 sales under $1 million
21 sales $1-2 million
9 sales $2-3 million
1 sale for $3,450,000
3 sales $4-5 million
1 sale for $6,500,000
2 sales $7-8 million
1 sale for $8,850,000
1 sale for $11,500,000
*Increase of $1-2 million range up by 16 compared to March 2014.
**Pamela and Amanda sold 2 homes in Laguna Beach in March.
***Source CRMLS 4/30/14
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COASTAL ZIP CODES BY MEDIAN SALE PRICES FOR APRIL 2013 COMPARED TO APRIL 2014:
CITY - ZIP - # OF SALES - MEDIAN SALE PRICE - % CHANGE
Balboa Island - 92662 - 3N/A - N/A - N/A
Newport Beach - 92663 - 12 - $1,590,000 - 2.6%
Capo Beach - 92624 - 7 - $740,000 - 48%
Corona del Mar - 92625 - 15 - $2,000,000 - minus 4.8%
Costa Mesa - 92626 - 28- $601,000 - 7.4%
Costa Mesa - 92627 - 28 - $708,000 - 6.4%
Dana Point - 92629 - 32 - $1,975,000 - 23.4%
Laguna Beach - 92651 - 24 - $1,865,000 - 45.7%
Laguna Niguel - 92677 - 26 - $1,788,000 - 7.6%
Newport Beach - 92660 - 26 - $1,788,000 - 38.3%
Newport Beach - 92661 - 6 - $2,065,000 - 20.9%
Newport Coast - 92657 - 16 - $3,150,000 - minus 17%
San Clemente - 92672 - 22 - $818,000 - 24%
San Clemente - 92673 - 22 - $828,000 - 24%
*Source DQNews/LATimes 4/28/14
