MARCH 2013 SOUTH ORANGE COUNTY REAL ESTATE

Pamela and Buyer Viewing the Sunset
Taken by Amanda

Southland Begins 2013 With Sales and Price Gains Vs. Year Earlier

This fledgling housing recovery has momentum. Already, price hikes have caused some to question whether it's sustainable, whether it's a 'bubble.' Let's not forget, though, that we're still climbing out of a deep hole from the housing downturn.

Increased Inventory: For the overall market, price pressures should gradually ease as more homeowners react to rising values. This is the 'supply response' many analysts expect. The idea is that many who've held out for higher prices will be tempted to stick a for-sale sign in the front yard. Fewer will owe more than their homes are worth, enabling them to sell. Construction is already rising, and we could see lenders clear backlogs of distressed properties faster, adding to the supply.

Market Conditions: A lot of today's housing demand is fueled not by spectacular job growth and soaring consumer confidence, but by super-low mortgage rates and unusually high levels of investor and cash purchases. Take away any one of those elements and it will matter.

*DQNews 2/26/13

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FEBRUARY STATISTICS FOR LAGUNA BEACH:
167 active listings
65 in escrow
30 closed sales from 2/01/13 - 2/28/13

30 Sales for February 2013:
7 sales under $1 million
7 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
1 sale $4.600,000
1 sale $7,100,000

*CRMLS 2/28/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2012 COMPARED TO JANUARY 2013:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,850,000 - minus 4.3%
Capo Beach - 92624 - 6 - $665,000 - 72.7%
Corona del Mar - 92625 - 7 - $1,500,000 - minus 14.7%
Costa Mesa - 92626 - 22 - $544,000 - 20.4
Costa Mesa - 92627 - 25 - $506,000 - 18.8%
Dana Point - 92629 - 14 - $738,000 - 11.3%
Laguna Beach - 92651 - 24 - $1,456,000 - 61.8%
Laguna Niguel - 92677 - 38 - $691,000 - 1.6%
Newport Beach - 92660 - 17 - $1,374,000 - 14.8
Newport Beach - 92661 - 6 - $1,495,000 - minus 35%
Newport Beach - 92663- 11 - $1,585,000 - 100.6%
Newport Coast - 92657 - 13 - $1,850,000 - 19.2%
San Clemente - 92672 - 27 - $651,000 - minus 3.6%
San Clemente - 92673 - 23 - $730,000 - 4.4%

*DataQuickNews/LATimes/CRMLS 2/26/13
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FEBRUARY 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Swimmimg With The Dolphins
Laguna Beach, January 2012

ECONOMIC SIGNS IMPROVING ALONG WITH LOW MORTGAGE RATES

In California economic vital signs have improved lately and it's sparked a renewed sense of optimism in housing circles. Coupled with incredibly low mortgage rates, it certainly suggests 2012 might offer the 'rock bottom' for pricing that many buyers and sellers have been waiting for. But the housing drama isn't over. Lending guidelines remain stringent leaving many unable to take advantage of today's improved affordability. With many homes in default lenders still must decide the fate of scores of borrowers who aren't making their mortgage payments.

DISTRESSED SALES: Nearly one out of three homes resold last month was a foreclosure, while about one in five was a "short sale." Distressed property sales accounted for 52.5% of the Southland resale market in December, up from 51.2% in November but down from 53.8% in December 2010.

CASH BUYERS: Last month 30.9% of all sales of new and resale houses and condos sold statewide were bought without a mortgage - the highest level in at least 23 years.

MILLION DOLLAR SALES: While overall California home sales declined last year, the number that sold for $1 million or more rose for the first time in five years as certain segments of the economy improved and high-end home shoppers went bargain hunting.

FEBRUARY STATISTICS FOR LAGUNA BEACH: Currently in Laguna Beach there are:
233 homes for sale
57 in escrow
18 closed sales from 1/1/12

Sales ranges:
11 sales under $1 million
4 sales $1-2 million
1 sale $2-3 million
2 sales $4-5 million

*SoCalMLS, DQNews 02/01/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 1,753 Distressed = 325
In Escrow Listings = 845 Distressed = 508
Sold from 01/01/11 = 222 Distressed = 79

*SoCalMLS 02/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2011 COMPARED TO JANUARY 2012:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,325,000 - minus 24.8
Capo Beach - 92624 - 6- $510,000 - minus 17.7%
Corona del Mar - 92625 - 13 - $1,850,000- 8.7%
Costa Mesa - 92626 - 35 - $439,000 - minus 12.6%
Costa Mesa - 92627 -20- $510,000 - minus 17.7%
Dana Point - 92629 - 14 - $545,000 - minus 17.8%
Laguna Beach - 92651 - 30 - $1,294,000 - 15%
Laguna Niguel - 92677 -44 - $607,000 - minus 7.8%
Newport Beach - 92660 - 25 - $1,030,000 - minus 16.7%
Newport Beach - 92661- 4 - $2,025,000 - 15.7%
Newport Beach - 92663 - 12- $1,062,000 - minus 21.9%
Newport Coast - 92657 - 14 - $1,901,000 - 5.0%
San Clemente - 92672 -22 - $505,000 -minus 17.4%
San Clemente - 92673 - 29 - $610,000 - minus 7.9%

*DataQuickNews 02/01/2012
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County

Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

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