DECEMBER 2013 SOUTH ORANGE COUNTY REAL ESTATE NEWS

Holidays in Laguna Beach
Include Many Exciting Events for All!

 

 

"Distress Sales Decline As Home Prices Remain Stable"

Indicators of market distress continue to decline. Foreclosure activity remains well below a year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable. Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.3% of sales.

MEDIAN SALE PRICES: Southern California home buying picked up in October compared with September but fell short of a year earlier as sales in inventory-starved markets and lower-cost markets continued to lag far behind 2012 levels. For the fourth month in a row the region’s median sale price more or less moved sideways, though it was still nearly 22% higher than October 2012.

SALES PRICE INCREASES: It appears that almost all of last month’s price increases reflects rising home prices, while a small portion reflects a change in the price range of homes that sold. Last year there was a large increase in mid- to high-end sales and a big decline in sales of lower-cost distressed properties.

ABSENTEE AND INVESTOR BUYER SALES DOWN: Mostly investors and some second-home purchasers bought 26.5% of the Southland homes sold last month, which is the lowest share for any month since it was 25.1% in November 2011.

"FLIPPING HOMES" INCREASES: 6.5% of homes sold on the open market had previously sold in the prior six months. That’s up from a flipping rate of 6.1% in September and up from 6.0% in October 2012. Flipping peaked at 7.0% February this year and had trended lower most months this year until September. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Source LATimes, DQNews 11/30/13

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NOVEMBER 2013 STATISTICS FOR LAGUNA BEACH:

207 active listings
45 in escrow
28 closed sales from 11/01/13 - 11/30/13

28 Sales for November 2013:
3 sales under $1 million
11 sales $1-2 million
10 sales $2-3 million
1 sale $3,075,000
1 sale $4,010,000

1 sale $5.285,000
1 sale $6,750,000

*Source CRMLS 11/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2012 COMPARED TO OCTOBER 2013:

Balboa Island - 92662 - 3 - $2,263,000 – 89.1%
Capo Beach - 92624 - 8 - $790,000 – 16.3%
Corona del Mar - 92625 - 16 - $1,761,000 – 22.1%
Costa Mesa - 92626 - 19- $629,000 – 25.2%
Costa Mesa - 92627 - 33 - $788,000 – 46.622.1%
Dana Point - 92629 - 25 - $910,000 – 25.1%
Laguna Beach - 92651 - 32 - $1,425,000 – 29.5%
Laguna Niguel - 92677 - 53 - $835,000 - 28%
Newport Beach - 92660 - 24 - $1,544,000 – 42.9%
Newport Beach – 92661 – 2 - $1,638,000 – 17%

Newport Beach – 92663 – 16 - $1,450,000 – minus 18.3%

Newport Coast – 92657 – 16 - $2,400,000 – minus 23.1%

San Clemente – 92672 – 23 - $700,000 – 12%

San Clemente – 92673 – 28 - $777,000 – 10.6%

 
*Most zip codes have lower median prices than prior month due to decreases in inventory.

*Source DQNews/LATimes 11/30/13

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OCTOBER 2013 SOUTH ORANGE COUNTY REAL ESTATE

Laguna Beach 15th Annual Plein Air Painters Invitational 
To be held at Aliso Creek Oct 13-19
LPAPA strives to conserve the artistic and culture heritage of Laguna Beach as an arts colony.

 

 

SALE PRICES SLIGHTLY HIGHER IN AUGUST, SALES STEADY

 

Area home sales were the highest for an August in 7 years.. There are fewer cash and investor purchases as prices increase thus amount of sales are down about 1/3. Median sale prices were comparable to June and July but rose over 2012. This makes the 8th consecutive month with a year-over-year gain over 20%.

*Source LATimes, DQNews 9/30/13

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SEPTEMBER STATISTICS FOR LAGUNA BEACH:

233 active listings
52 in escrow
35 closed sales from 9/01/13 - 9/30/13

32 Sales for September 2013:
8 sales under $1 million
16 sales $1-2 million
6 sales $2-3 million
4 sales 3-4 million
1 sale $4,800,000

*Source CRMLS 9/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2012 COMPARED TO SEPTEMBER 2013:

Balboa Island - 92662 - 1 - $8,350,000 - N/A
Capo Beach - 92624 - 5 - $1,189,000 - 99.0%
Corona del Mar - 92625 - 14 - $2,185,000 - 36.1%
Costa Mesa - 92626 - 30- $609,000 - 35.0%
Costa Mesa - 92627 - 34 - $729,000 - 22.1%
Dana Point - 92629 - 29 - $875,000 - 18.4%
Laguna Beach - 92651 - 38 - $1,968,000 - 31.2%
Laguna Niguel - 92677 - 62 - $776,000 - 15.8%
Newport Beach - 92660 - 38 - $1,573,000 - 21.9%
Newport Beach - 92661 - 5 - $1,680,000 - 6.7%
Newport Beach - 92663- 15 - $1,400,000 - minus 30.6%
Newport Coast - 92657 - 22 - $2,400,000 - minus 11.1%
San Clemente - 92672 - 30 - $828,000 - 14.1%
San Clemente - 92673 - 38 - $880,000 - 25.7%

**Market Changes: Almost all zip codes are down in number of sales and median price from June 2012, % of median price is about the same or less in some zip codes.
Source DataQuickNews/LATimes 9/30/13

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