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| Pageant of the Masters July 9 – August 30, 2014 Nightly: 8:30 pm |
INCREASING SALES IN LOW END MARKET MAY BE A TREND TOWARD A
MORE ROBUST MARKET
In Laguna Beach there has been a large increase of number of sales of homes and condos under $1 million. Especially with prior hard to sell condo sales increasing, this is an indication that the market is picking up. Compared to May in June there were properties listed, in escrow doubled compared and closed sales total 4 more than in June.
In Laguna Beach there has been a large increase of number of sales of homes and condos under $1 million. Especially with prior hard to sell condo sales increasing, this is an indication that the market is picking up. Compared to May in June there were properties listed, in escrow doubled compared and closed sales total 4 more than in June.
Home
prices grew again in May by 4.9%:
Reaching their highest monthly rate since August 2011, but not at the frenzied pace seen last spring. The lack of urgency on the buyers’ part have been seen to be increasing in the coming months of summer. Sales are still down but mostly because there are fewer foreclosures to buy. More home sellers are testing the market. And bidding wars are returning to the under $1 million priced properties.
Reaching their highest monthly rate since August 2011, but not at the frenzied pace seen last spring. The lack of urgency on the buyers’ part have been seen to be increasing in the coming months of summer. Sales are still down but mostly because there are fewer foreclosures to buy. More home sellers are testing the market. And bidding wars are returning to the under $1 million priced properties.
Rising prices have rescued many homeowners: 1 in 10 homeowners owed more than their homes were worth during the first three months of the year, down from 1 in 3 at the peak of the housing crisis 4.5 years ago.
For Sale By Owner: “FSBO” properties are being sold for 15% to 20% below market value because the property never had the opportunity to be properly marketed.
Home Sales Nationwide For May 2014
Prices
Resale
Homes up 8.3%New Homes up 16.5%
Resale Condos up 11.0%
Sales
Volume
Resale
Homes down 21.0%Resale Condos down 22.4%
New Homes up 18.1%
Sales Volume Trend: 2,981 homes sold is down from 3,648 a year ago.
*Sources LATimes, OCRegister, CAR
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JUNE 2014 SALES STATISTICS FOR LAGUNA BEACH:
233 active listings
62 in escrow
35 closed sales from 6/01/14 - 6/30/14
35 Sales for June 2014:
8 sales under $1 million
18 sales $1-2 million
1 sale for $2,900,000
5 sales
$3-4 millionJUNE 2014 SALES STATISTICS FOR LAGUNA BEACH:
233 active listings
62 in escrow
35 closed sales from 6/01/14 - 6/30/14
35 Sales for June 2014:
8 sales under $1 million
18 sales $1-2 million
1 sale for $2,900,000
1 sale $4,000,000
1 sale $5,675,000
1 sale for $23,000,000
*Compared to May inventory increased slightly, in
escrow doubled, sold 4 more.
**Source CRMLS 6/30/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2014 COMPARED TO MAY 2013:
City - Zip - # Sold - Median Sale Price - Percent Change
Balboa Island - 92662 - 3 - $2,300,000 – 76.2%
Capo Beach - 92624 - 8 - $802,000 – minus 44.7%
Corona del Mar - 92625 - 17 - $2,300,000 – 13.6%
Costa Mesa - 92626 - 32- $615,000 – 2.4%
Costa Mesa - 92627 - 34 - $863,000 – 32.7%
Dana Point - 92629 - 20 - $938,000 – 5%
Laguna Beach - 92651 - 34 - $2,050,000 – minus 32.3%
Laguna Niguel - 92677 - 67 - $860,000 – 17.8%
Newport Beach - 92660 - 30 - $1,673,000 – 10.2%
Newport Beach – 92661 – 6 - $3,050,000 – 33.9%
Newport
Beach – 92663 – 11 - $1,385,000 – minus 10.9%**Source CRMLS 6/30/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2014 COMPARED TO MAY 2013:
City - Zip - # Sold - Median Sale Price - Percent Change
Balboa Island - 92662 - 3 - $2,300,000 – 76.2%
Capo Beach - 92624 - 8 - $802,000 – minus 44.7%
Corona del Mar - 92625 - 17 - $2,300,000 – 13.6%
Costa Mesa - 92626 - 32- $615,000 – 2.4%
Costa Mesa - 92627 - 34 - $863,000 – 32.7%
Dana Point - 92629 - 20 - $938,000 – 5%
Laguna Beach - 92651 - 34 - $2,050,000 – minus 32.3%
Laguna Niguel - 92677 - 67 - $860,000 – 17.8%
Newport Beach - 92660 - 30 - $1,673,000 – 10.2%
Newport Beach – 92661 – 6 - $3,050,000 – 33.9%
Newport Coast – 92657 – 20 - $2,036,000 – 57.4%
San Clemente – 92672 – 30 - $853,000 – 11.1%
San Clemente – 92673 – 24 - $1,052,000 – 54.7%
**Most zip codes had increases in # of sales and sale prices.
*Source DQNews/LATimes 6/28/14
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