Spring Home-Buying Season
Off To Strong Start As Home Sales And Prices Increase
California’s housing
market accelerated in April as the spring home-buying season kicked off with
both higher home sales and prices for the third straight month. Home sales rose
above 400,000 the highest amount since August 2013.
It’s encouraging that the spring home-buying season is off to such
a strong start. Sales activity is at the highest level in the last year and a
half, and should remain solid throughout the rest of the season. We are finally
seeing some of the pent-up housing demand turning into actual sales, thanks to solid job growth, record-low interest
rates, and looser lending requirements.
PRICES: The median
price of an existing, single-family detached California home increased in April
from both the previous month and year for the third consecutive month. See
below for information on median price by zip code and year-over-year change from 2014.
SUPPLY AND DEMAND: While it’s a welcomed sign to see the growth in
housing demand continue, the lack of supply remains a concern. Sales and active
listings increased from the previous year but sales grew at a much faster pace
than did active listings, contributing to a decline in available homes for
sale.
UNSOLD INVENTORY: The Unsold Inventory Index (how long it takes to sell a home) fell from 3.8 months in March to 3.5 months in April. 6 - 7 months is considered typical in a normal market.
UNSOLD INVENTORY: The Unsold Inventory Index (how long it takes to sell a home) fell from 3.8 months in March to 3.5 months in April. 6 - 7 months is considered typical in a normal market.
RATES: Economists agree that despite the projected rise in
interest rates, 2015 is still looking like it’s going to continue to be a
strong year for housing. And 2016 will be even better. The weakness in
domestic growth and some stabilization of the European markets have kept a lid
on U.S. mortgage rates. Currently the conforming loan rate is 3.8% + .6 points. This is for loans of $417,000 or less.
*CAR 5/15/15
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MAY 2015 SALES STATISTICS FOR LAGUNA BEACH:
236 active listings
57 in escrow
41 closed sales from 5/01/15 - 5/31/15
41 Sales for May 2015:
6 sales under $1 million
15 sales $1-2 million
9 sales $2-3 million
5 sales $3-4 million
4 sales $4-5 million
1
sale $11,600,000
1 sale $15,000,000
1 sale $15,000,000
*Source CRMLS 5/31/15
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2015 COMPARED TO APRIL 2014:
Balboa Island - 92662 - 2 - $2,800,000: n/a
Capistrano Beach - 92624 - 9 - $820,000: +6.3%
Corona del Mar - 92625 - 14 - $2,030,000: -5.2%
Costa Mesa - 92626 - 35- $685,000: +10.5%
Costa Mesa - 92627 - 47 - $752,000: +6.3%
Dana Point - 92629 - 30- $1,103,000: +19.2%
Laguna Beach - 92651 - 40 - $1,600,000: -11.1%
Laguna Niguel - 92677 - 76 - $838,000: +10.7%
Newport Beach - 92660 - 54 - $1,606,000: +2.8%
Newport Beach – 92661 – 1 - $1,829,000: - 46.2%
Newport Beach –
92663 – 15 - $1,870,000: -1.6%COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2015 COMPARED TO APRIL 2014:
Balboa Island - 92662 - 2 - $2,800,000: n/a
Capistrano Beach - 92624 - 9 - $820,000: +6.3%
Corona del Mar - 92625 - 14 - $2,030,000: -5.2%
Costa Mesa - 92626 - 35- $685,000: +10.5%
Costa Mesa - 92627 - 47 - $752,000: +6.3%
Dana Point - 92629 - 30- $1,103,000: +19.2%
Laguna Beach - 92651 - 40 - $1,600,000: -11.1%
Laguna Niguel - 92677 - 76 - $838,000: +10.7%
Newport Beach - 92660 - 54 - $1,606,000: +2.8%
Newport Beach – 92661 – 1 - $1,829,000: - 46.2%
Newport Coast – 92657 – 23 - $2,758,000: - 28.8%
San Clemente – 92672 – 52 - $831,000: +14.6%
San Clemente – 92673 – 49 - $831,000: +1.3%
*Source DQNews/LATimes 5/15/15
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Pamela and Amanda - Using Social Media To Sell Homes!
Real Estate Brokers Specializing in
the Coastal Real Estate Market