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| Tick Tock...Daylight Savings Starts March 8th Don't Forget To Set Clocks Ahead One Hour at 2AM March 7th
Southern California Home Sales Decline; Median Sale Price Still Up Year Over Year
Low inventory leads the California housing market report.
Home sales in January fell sharply from December, as they normally do, and
dipped modestly from a year earlier, marking the 14th month in the last 16 to
post a year-over-year sales decline.
Statistics
Can Be Strange: January and February are not
necessarily a good indication of what's to come. This is largely because many
traditional buyers and sellers drop out of the housing market during the
holidays and mid-winter, and therefore don’t close deals during those months.
In recent years that's led to somewhat higher concentrations of investor
activity for January and February, and this was seen again last month.
Spring
Market: Heading into Spring it will be
interesting to see whether price appreciation and other factors will finally
release a lot of the pent-up supply of homes. More owners have gained enough
equity to sell and buy another home and more will be satisfied with how much
their homes can fetch. At the same time, recent gains in job and income growth,
coupled with low mortgage rates, could stoke demand and put significant
pressure on prices unless we see a meaningful jump in inventory.
How Buyers Bought Homes In January:
Foreclosures 5.7%
Short Sales 5.6%
Absentee Buyers 25%
Cash Buyers 24.6%
Jumbo Loans over $417,000 30.7%
Adjustable Rate Loans 11.3%
2/17/15 CoreLogic/DNews
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February Sales for Laguna Beach
191 Active Listings
60 In Escrow 20 Closed Sales from 2/01/15 - 2/28/15 2 sales under $1 million 10 sales $1-2 million 7 sales $2-3 million 1 sale for $3,200,000
*Compared to January: Inventory Increased, In Escrow Increased, Sales Down - Source CRMLS 2/28/15
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Median Sales Price For Coastal Zip Codes for January 2015 Compared to January 2104
Balboa Island - 92662 - 0 - n/a – n/a
Capistrano Beach - 92624 - 4 - $943,000 : 26.8%
Corona del Mar - 92625 - 8 - $1,975,000 : - 14.1%
Costa Mesa - 92626 - 21 - $645,000 : - 5.1%
Costa Mesa - 92627 - 21 - $605,000 : - 22.6%
Dana Point - 92629 - 9 - $986,000 : 25.2%
Laguna Beach - 92651 - 25 - $1,570,000 : 5.9%
Laguna Niguel - 92677 - 44 - $758,000 : - 3.1%
Newport Beach - 92660 - 22 - $1,653,000 : 7.6%
Newport Beach - 92661 - 4 - $1,910,000 : - 4.1%
Newport Beach - 92663 – 13 - $1,439,000 : 27.6%
Newport Coast - 92657 - 8 - $3,875,000 : - 8.1%
San Clemente - 92672 - 23 - $749,000 : 2.6%
San Clemente - 92673 - 25 - $845,000 : 6.6%
*Source DQNews/LATimes 1/25/15
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Just Listed
21711 Wesley Drive B, Laguna Beach
Affordable - Close To The Beach
Ocean View, Remodeled, With Community Pool
2 Bedrooms, 1 Bath - $575,000
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Saturday, February 28, 2015
MARCH 2015 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS
