FEBRUARY 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS



"Main Beach at Night"

2014 - STRONG GROWTH IN HOME PRICES, LOW-INTEREST RATES

Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations.

The reasons for selling changed significantly in just one year. In 2012, the majority of sellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason for selling in 2013.  Others wanted to take advantage of low interest rates to finance their next home, and some sellers believed the price of their home had peaked and wanted to cash out.

Market Conditions: Heightened market competition in the first half of 2013 led to an increase of multiple offers, nearly all home sellers, 98% said they received multiple offers, up from 83% 2012.  On average, each home sale received 5.9 offers in 2013 compared to 3.1 offers in 2012.

Bidding Wars Not Uncommon: Multiple offers occurred for about 45% of all sellers receiving offers higher than the asking price.

Social Media Has Larger Role: Playing a larger role in the home-selling process nearly 74% of sellers incorporated social media into the selling process, up from only 24% in 2010.  Sellers used social media sites such as Facebook (83%); Twitter (52%); YouTube (39%); LinkedIn (24%); and Yelp (19%) to learn more about their agents or to communicate with them.

*Pamela and Amanda have been using social media extensively since 2010 to market homes and communicate with buyers and sellers.


Trending:
New home sales continue to grow.
Medium home sales prices to climb.
Defaults and Foreclosures to decline.
Home appreciation forecast at 6.6% to 8.2%.
Improving economy to create more buyers.
Low inventory a concern.
*Source CAR/Pamela Horton
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JANUARY 2014 SALES STATISTICS FOR LAGUNA BEACH:
193 active listings
32 in escrow
16 closed sales from 1/01/14 - 1/31/14

 Sales for January 2014:
 4 - Less than $1 million
 6 - $1-2 million
 3 - $2-3 million
 2 - $3-4 million
 1 - for $7,250,000
 *Source CRMLS 1/31/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2012 COMPARED TO DECEMBER 2013:

Balboa Island - 92662 - 1 - $900,000 – minus 64%
Capo Beach - 92624 - 4 - $753,000 – 16%
Corona del Mar - 92625 - 19 - $3,499,000 – 78.4%
Costa Mesa - 92626 - 20- $616,000 – 22.7%
Costa Mesa - 92627 - 31 - $736,000 – 49.4%
Dana Point - 92629 - 36- $860,000 – minus 29%
Laguna Beach - 92651 - 35 - $1,457,000 – 7.1%
Laguna Niguel - 92677 - 52 - $823,000 – 29.6%
Newport Beach - 92660 - 34 - $1,378,000 – 8.6%
Newport Beach – 92661 – 5 - $1,825,000 – minus 41%
Newport Beach – 92663 – 21 - $1,600,000 – minus 5.1%
Newport Coast – 92657 – 14 - $2,135,000 – 00%
San Clemente – 92672 – 35 - $750,000 – 24.4%
San Clemente – 92673 – 21 - $820,000 – 8.7%
*Source DQNews/LATimes 1/31/14
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DECEMBER 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Holiday Greetings from Laguna Beach

 

 

CALIFORNIA REAL ESTATE RECOVERY CONTINUES, SALES JUMP 15.4% AS PRICES INCREASE

Home sales in California jumped 15.4% in October, indicating the state's housing recovery continued into the typically slower fall season. California's housing market has been on an upward swing this year. The recovery stems from more people chasing fewer homes as interest rates remain low and inventory sinks.

76% OF HOMES LISTED SOLD: This the highest proportion of homes selling since June 2005 when it was 88%. The low point was 6% in December 2007. Buyers know that now is a good time to buy and demand will remain strong well into 2013. Housing is back and a full recovery is well under way.

DECREASED INVENTORY: Fewer houses on the market also helped drive price increases. There were 2.14 million existing homes for sale in October, down 1.4% from September. That translates to a 5.4-month supply at the current sales rate, the lowest level since February 2006.

TAX BENEFITS: The uncertainty at year end is whether the current tax seller tax benefits will be rolled over to 2013. Federal capital gains are rising to 20.4% in 2013. The 3.8% tax on incomes over $200,000 will also impact many home sellers; one reason to expect higher than average December escrow closings.

*LATimes/Register 11/19/12

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NOVEMBER STATISTICS FOR LAGUNA BEACH:
174 homes for sale
61 in escrow
33 closed sales from 11/01/12 - 11/30/12

33 Sales for November 2012:
13 sales under $1 million
9 sales $1-2 million
7 sales $2-3 million
4 sales $3-4 million

*SoCalMLS, DQNews 12/01/12
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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 = 1028 Distressed = 56
In Escrow Listings = 908 Distressed = 383
Sold from 01/01/12 = 4,891 Distressed = 1,304

*Distress sale amounts are decreasing.
*SoCalMLS 12/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2011 COMPARED TO OCTOBER 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,139,000 - minus 12.5%
Capo Beach - 92624 - 7 - $679,000 - 19.9%
Corona del Mar - 92625 - 20 - $1,350,000 - minus 13.7%
Costa Mesa - 92626 - 38 - $502,000 - minus 27.8%
Costa Mesa - 92627 - 27 - $534,000 - 8.5%
Dana Point - 92629 - 29 - $705,000 - 13.3%
Laguna Beach - 92651 - 29 - $1,100,000 - 13.3%
Laguna Niguel - 92677 - 41 - $698,000 - 8.7%
Newport Beach - 92660 - 37 - $1,060,000 - 10.1%
Newport Beach - 92661 - 8 - $1,400,000 - 59.7%
Newport Beach - 92663- 20 - $1,560,000 - 19.4%
Newport Coast - 92657 - 18 - $3,146,000 - 18.9%
San Clemente - 92672 - 32 - $625,000 - 13.6%
San Clemente - 92673 - 44 - $703,000 - 17.1%

*DataQuickNews 12/01/2012
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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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NOVEMBER 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Laguna Coastline
Scott Brashier



HOME SALE PRICES CLIMB, SALES DECLINE DUE TO LOW INVENTORY
The median price paid for a SoCal rose again in September to a more-than-four-year high yet with inventory low, the amount of sales dropped. For the first time in nine months sales declined compared with a year earlier as low-end home deals have sold and foreclosure resales hit a nearly five-year low.

The median sale price has risen mainly for two reasons.
1. Higher demand, triggered largely by ultra-low mortgage rates.
2. There is now a dwindling supply of homes for sale with the mid- to high-end move-up properties picking up more sales.

In September, price levels for the lowest-cost 1/3 of housing stock rose 13.2%, while they rose 7.7% in the middle range and 3.5% in the top third.

OCTOBER STATISTICS FOR LAGUNA BEACH:
183 homes for sale
63 in escrow
40 closed sales from 10/01/12 - 10/31/12

40 Sales for October 2012:
12 sales under $1 million
17 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $6-7 million

*Higher price ranges moving up in sale amounts as low end homes drop off due to lack of inventory.
*SoCalMLS, DQNews 11/01/12
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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 = 1139 Distressed = 68
In Escrow Listings = 986 Distressed = 416
Sold from 01/01/12 = 4,421 Distressed = 1,208

*Distress sale amounts are decreasing.
*SoCalMLS 11/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2011 COMPARED TO SEPTEMBER 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,395,000 - 6.4%
Capo Beach - 92624 - 13 - $560,000 - 12.4%
Corona del Mar - 92625 - 21 - $1,330,000 - minus 19.9%
Costa Mesa - 92626 - 24 - $502,000 - 4.3%
Costa Mesa - 92627 - 20 - $500,000 - 1.2%
Dana Point - 92629 - 22 - $717,000 - 12.5%
Laguna Beach - 92651 - 35 - $1,325,000 - 10.4%
Laguna Niguel - 92677 - 44 - $698,000 - 8.7%
Newport Beach - 92660 - 37 - $1,310,000 - 14.4%
Newport Beach - 92661 - 6 - $2,115,000 - minus 29.2%
Newport Beach - 92663- 16 - $2,108,000 - 84.5%
Newport Coast - 92657 - 15 - $1,690,000 - 45.2%
San Clemente - 92672 - 27 - $700,000 - 41.7%
San Clemente - 92673 - 38 - $668,000 - minus 8.7%

*DataQuickNews 11/01/2012
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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!

 

 

 

HortonsInLaguna.com



AUGUST 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Laguna Sunset
Photo by Scott Brashier



SHRINKING INVENTORY UPENDS HOME MARKET

Many home shoppers assume they are still in a buyers' market find that reality is inventory is shrinking. The supply of homes for sale has fallen. This is having an important side effect by raising prices.

WHAT BUYERS ARE DOING:
Finding themselves often a multiple offer situation buyers are inserting price escalation clauses in their counter offers. Often they are waiving financing contingencies, home inspections and agreeing to raise their down payment.

BEHIND THE INVENTORY DECLINE:
Negative equity plays a large role. Sellers don't want to take a big loss in a slowly improving price environment. So they sit tight rather than list.

WHAT LENDERS ARE DOING: Banks with large stocks of pre-foreclosure and foreclosed properties are doing the same, holding homes off the market. This is creating a "shadow inventory" of estimated 1.5 million unsold homes.

JULY STATISTICS FOR LAGUNA BEACH:
222 homes for sale
77 in escrow
40 closed sales from 7/1/12 - 7/31/12

40 Sale Ranges for July 2012:
13 sales under $1 million
12 sales $1-2 million*
8 sales $2-3 million
2 sales $3-4 million
2 sales $6-7 million
2 sales $8-9 million
1 sale for $16,000,000

*$2-3M range picks up more sales.
*SoCalMLS, DQNews 7/31/12
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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 = 1,491 Distressed = 108
In Escrow Listings = 1,090 Distressed = 493
Sold from 01/01/12 = 2,977 Distressed = 880

*SoCalMLS 07/31/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2011 COMPARED TO JUNE 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,585,000 - minus 41.3%
Capo Beach - 92624 - 11 - $625,000 - 5.4%
Corona del Mar - 92625 - 24 - $1,675,000 minus 11.7%
Costa Mesa - 92626 - 31 - $520,000 - 10.1%
Costa Mesa - 92627 - 22 - $540,000 - 8.0%
Dana Point - 92629 - 27 - $746,000 - 10.8%
Laguna Beach - 92651 - 43 - $1,400,000 - 3.7%
Laguna Niguel - 92677 - 62 - $608,000 - minus 9.9%
Newport Beach - 92660 - 54 - $1,300,000 - 13.0%
Newport Beach - 92661- 3 - $1,600,000 - minus 51.6%
Newport Beach - 92663 - 27 - $1,143,000 - minus 12.1%
Newport Coast - 92657 - 20 - $1,839,000 - minus 37.2%
San Clemente - 92672 -44 - $595,000 - 6.7%
San Clemente - 92673 - 43 - $700,000 - 2.9%

*DataQuickNews 07/31/2012
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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!

Scan QR code or click link to search for properties for sale.

www.HortonsInLaguna.com

JULY 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Oak Street Surf, Laguna Beach, CA

COASTAL HOME SALES LEADING THE MARKET TO RECOVERY

Coastal property sales lead the housing market in its continued long, step-by-tiny-step trek back toward normalcy in May. The median sale prices rose year-over-year for the second consecutive month for a 20-month high.


Home sales increased across the region but the gains were highest in coastal areas where move-up markets have picked up steam.


Loans: Credit remains tight with loan terms very stringent. The share of purchase loans that are in the "jumbo" category (over $417,000) edged higher as adjustable rate loans lowered. Investor and cash-only home purchases remain near record levels.


More Good News:
ORANGE COUNTY REGISTER 6/17/2012 Jonathan Lansner


"SELLERS RAISE PRICES AT TOP END OF LOCAL MARKET" With a tight supply of homes for sale and shoppers actually buying - we were bound to see hints that prices could be rebounding too. Curiously, we're seeing the strength most at the upper end of the market. O.C. sellers of higher-end homes are raising prices to levels not seen in 20 months.


"RENTS HIT 3-YEAR HIGH" O.C. rentals increase an average of $72.00 or 4.7% after 5 straight quarterly raises. Prior inventory shows  94.8% of vacancies have been filled.


JUNE STATISTICS FOR LAGUNA BEACH: 236 homes for sale
72 in escrow
40 closed sales from 6/1/12 - 6/30/12


Sales ranges for June 2012:
14 sales under $1 million
19 sales $1-2 million*
2 sales $2-3 million
2 sales $3-4 million
2 sales $4-5 million
1 sale for $8,100,000


*$1-2M range outsells under $1M for 2nd month.
*SoCalMLS, DQNews 6/30/12
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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 = 1,547 Distressed = 138
In Escrow Listings = 1,090 Distressed = 510
Sold from 01/01/11 = 2505 Distressed = 769

*SoCalMLS 06/30/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2011 COMPARED TO MAY 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,813,000 - minus 51.6%
Capo Beach - 92624 - 5- $485,000 - minus 22.7%
Corona del Mar - 92625 - 16 - $1,558,000 minus 19.1%
Costa Mesa - 92626 - 32 - $469,000 - minus 8.1%
Costa Mesa - 92627 -29- $485,000 - 10.4%
Dana Point - 92629 - 23 - $715,000 - 17.2%
Laguna Beach - 92651 - 38 - $1,398,000 - 27.1%
Laguna Niguel - 92677 - 56 - $553,000 - minus 16.8%
Newport Beach - 92660 - 49 - $1,260,000 - 6.1%
Newport Beach - 92661- 4 - $3,613,000 - 157.6%
Newport Beach - 92663 - 14- $1,480,000 - minus 12.7%
Newport Coast - 92657 - 15 - $1,899,000 - minus 12%
San Clemente - 92672 -41 - $635,000 -8.7%
San Clemente - 92673 - 51 - $712,000 - 1.6%

*SoCalMLS 06/30/12

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