JUNE 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

 

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.  
 

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

 *Source CRMLS 5/31/15 ----------------------------------------------------------------------------------------

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%
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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SEPTEMBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS



Sunrise Wednesday morning as the big surf begins to roll in from Main Beach to Seal Rock ...
© Mitch Ridder Photography - All Rights Reserved 2014

CALIFORNIA HOME SALES AND PRICES IMPROVE IN JULY

California home sales posted higher for the second straight month. Home prices rose over sales of June 2014 and also were higher than a year ago. Although, the pace of appreciation continued to slow.

Pending Home Sales: Properties in escrow rose 3.3% last month after slipping 1.25% in June. The index, which tracks contracts signed for previously owned homes, hasn’t been higher since August 2013. The increase from June, which beat expectations of a 0.5% rise, provides another indication that the housing market is strengthening after starting to cool last summer.

Investors: With home prices on the rise, more investors are flipping properties instead of renting them.  In 2014, 28% of investors flipped the property, up from 20% last year. 58% of investors rented their properties in 2014, down from 73% in 2013.  

Mortgage Rates Stay Low: The 30-year, fixed-rate mortgage averaged 4.10% for the week ended Aug. 28, unchanged from a week ago, but down from 4.51% last year, according to Freddie Mac’s Primary Mortgage Market Survey.

Equity Lines: Equity lines of credit are booming. Dollar volume of new loans are highest in areas with the most expensive housing; along the West Coast and Northeast. In CA nearly $6 billion in equity lines were originated in the last 12 month. This rapid increase is the direct result of the gains in home prices along with low interest rates of 3-4%. Key questions: Is this a boom or a bubble? A good thing or an omen? Stay tuned.

*CAR 8/30/14/LATimes 8/31/14

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AUGUST 2014 SALES STATISTICS FOR LAGUNA BEACH

260 active listings 55 in escrow
34 closed sales from 8/01/14 - 8/31/14

34 Sales for August 2014:
9 sales under $1 million
10 sales $1-2 million
7 sales $2-3 million

4 sales $3-4 million
1 sale $4,030,000
1 sale $6,700,000
1 sale $8,200,000
1 sale for $10,200,000

*CRMLS 8/31/14

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2013 COMPARED TO JULY 2014

Balboa Island - 92662 - 1 - $860,000 – minus 42.3%
Capo Beach - 92624 - 11 - $825,000 – minus 13.5%
Corona del Mar - 92625 - 14 - $1,605,000 – minus 30.5%

Costa Mesa - 92626 - 28- $687,000 – 14.5%
Costa Mesa - 92627 - 28 - $855,000 – 14.5%
Dana Point - 92629 - 26- $667,000 – minus 4.6%
Laguna Beach - 92651 - 39 - $1,955,000 – 8%
Laguna Niguel - 92677 - 56 - $835,000 – 2%
Newport Beach - 92660 - 52 - $1,600,000 – 3.9%
Newport Beach – 92661 – 7 - $1,800,000 – minus 26.5%
Newport Beach – 92663 – 21 - $2,275,000 – 70.1%
Newport Coast – 92657 – 21 - $2,700,000 – minus .6%
San Clemente – 92672 – 38 - $728,000 – 9.7%
San Clemente – 92673 – 35 - $860,000 – 5.5%

*Source DQNews/LATimes 8/10/14
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JANUARY 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS

Every Day Brings A New Vision 
Coastline View from Montage Resort to Aliso Beach



California Housing Market Is Expected to Be Up in 2014

The California housing market had a decent performance in 2013. For the first nine months of 2013, sales of existing single-family detached homes were down 3.2% when compared to the same period of last year. This decline in sales was attributed partially to the hike in interest rates in recent months, as the average 30-year fixed rate increased more than 100 basis points since April 2013 and was the highest since the mid of 2011.

TRANSITION YEAR: 2013 is a year when the housing market buyers changed from “investor sales” to “primary home sales”. The share of investor sales is expected to decline as the number of bargain properties continues to decrease, while the share of primary home sales is expected to improve as the economy continues to grow.

 
SALES FORECAST: Increase in sales bought as primary homes will remain strong as investor sales decrease. 2014 is expected to be a more “normal” year and the economy will presumably grow at a faster pace, which will provide support to the housing market.

INVENTORY: Sales of more homes in the upper price segments sold in 2013 when compared to 2012. Inventory levels were low causing a significant increase in prices in 2013. This was due in part of the mix of sales. The sales share for higher end homes will continue to inch up or remain near the current level.

MEDIAN PRICES: Because of the change in the mix of sales the statewide median prices are expected to increase significantly on a year-to-year basis. The sales of distressed sales are already at a low level and are expected to remain low for 2014.

INCREASING SALE PRICES AND TIME ON MARKET: With investors taking a step back due to profit margins narrowing, inventory will likely improve slightly in the upcoming year. The increase in home prices will also encourage more homeowners to put their houses up for sale. The housing supply will grow and should gradually climb back from under three months to sell a home in 2013 to about four months in 2014.

 

*Source DQNews/CAR 12/26/13

 

Market Outlook From 2008 to Predicted 2014 - CAR

 



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DECEMBER SALES 2013 STATISTICS FOR LAGUNA BEACH:
179 active listings
26 in escrow
33 closed sales from 11/01/13 - 11/30/13

33 Sales for December 2013:
9 sales under $1 million
15 sales $1-2 million
4 sales $2-3 million
3 sales $3-4 million

1 sale $4,900,000
1 sale $5,050,000

 *Source CRMLS 12/31/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2012 COMPARED TO NOVEMBER 2013:
Balboa Island - 92662 - 1 - $2,275,000 – 68.5%
Capo Beach - 92624 - 6 - $686,000 – 19.3%
Corona del Mar - 92625 - 12 - $2,100,000 – 8.2%
Costa Mesa - 92626 - 31- $565,000 – 0.9%
Costa Mesa - 92627 - 33 - $788,000 – 46.622.1%
Dana Point - 92629 - 256- $808,000 – 41.14%
Laguna Beach - 92651 - 31 - $1,700,000 – 29.5%
Laguna Niguel - 92677 - 32 - $835,000 - 8.2%
Newport Beach - 92660 - 34 - $1,610,000 – 13.4%
Newport Beach – 92661 – 7 - $2,950,000 – 122.6%

Newport Beach – 92663 – 15 - $1,408,000 – 7.9%

Newport Coast – 92657 – 9 - $2,875,000 – 23.7%

San Clemente – 92672 – 23 - $885,000 – 34.612%

San Clemente – 92673 – 30 - $800,000 – 3.9%

 *Source DQNews/LATimes 12/29/13

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CC: 12/31/13