HOME SALES AND SALE PRICES UPDATE
In CA home sales decreased 4.2% in June in California compared with the same period a year ago, while the median price of an existing home rose 13.6%.
LAGUNA BEACH MARKET: For the month of July 2010 there were 34 homes sold with 398 properties currently on the market for sale and 56 in escrow. With an increase in inventory price increases are not expected soon. Many sellers are making systematic price reductions to induce buyers to make an offer.
At the height of the market in June 2005 there were 36 closed sales in July and 171 properties for sale and 56 properties in escrow. The highest amount of sales for June 2010 was in the $1 million to $1.5 million dollar range. A move upward in sale prices. This is most like due to the quality of inventory under $1 million; buyers are moving up to the next affordable price range.
LOANS: There has been an increase in home sales at the higher-end of the market, a reflection of the slight thaw in jumbo financing. Although there still is a long way to go before jumbo loans are readily available to qualified buyers.
SELLERS: Need to listen to your realtor and price your home aggressively with prices reductions at critical intervals. When an offer is presented on a property, I negotiate the best price possible and if this amount allows a seller to move on to the next step of their lives, then this price should be accepted for the property.
BUYERS: Now continues to be your market; now is the time to buy a home if you haven't already. Homes are priced competitively and you will definitely find your dream home at a discounted price.
*CAR & PH - 7/31/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2753, w/Bank Conditions = 474
In Escrow Listings = 872, w/Bank Conditions = 498
Sold from 01/01/10 = 2473, w/Bank Conditions = 833
*SOCALMLS 07/31/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $5,515,000 - n/a
Capo Beach - 92624 - 7 - $589,000 - 2.4%
Cororna del Mar - 92625 - 16 - $1,700,000 - 0.3%
Costa Mesa - 92626 - 32- $533,000 - 6.5%
Costa Mesa - 92627 - 32 - $569,000 - 12.6%
Dana Point - 92629 - 26 - $765,000 - minus 2.5%
Laguna Beach - 92651 - 33 - $1,288,000 - 1.8%
Laguna Niguel - 92677 - 69 - $662,000 - 0.3%
Newport Beach - 92660 - 31 - $1,100,000 - 38.9%
Newport Beach - 92661- 5 - $2,850,000 - 301.4%
Newport Beach - 92663 - 13 - $1,300,000 - minus 97%
Newport Coast - 92657 - 15 - $1,516,000 - minus 20%
San Clemente - 92672 - 32 - $581,000 - minus 10.1%
San Clemente - 92673 - 43 - $761,000 - minus .5%
*DQNews/LATimes, 07/31/2010
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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!
Saturday, July 31, 2010
Wednesday, June 30, 2010
Pamela Horton's South Orange County California Real Estate Update
CALIFORNIA MEDIUM HOME PRICES AND HOME SALES RISE IN MAY
Home prices increased 1.2% in May in California compared with the same period a year ago, while the median price, the average price of all sales, rose 23%.
Home sales posted their third largest increase on record for May, due in part to first-time home buyers who opened and closed escrows to capitalize on both the federal and state tax credits,
May 2010 also marked the 5th month of double-digit gains in the median price, indicative of strong buyer demand relative to the supply of homes for sale. With a 4.6-month supply of homes for sale, unsold inventory continues to be well below the long-run average of seven months, and will continue to drive price appreciation over the next several months.
THE LAGUNA MARKET: In Laguna Beach May 2010 had 37 closed sales compared to May 2005, the peak year of the market, with 41 closed sales. Inventory at the end of May 2010 was 375 properties for sale compared to May 2005 with only 139 for sale. This dIsparIty in inventory is the reason that prices are not increasing. Until existing inventory lowers there will still be a lot of competition among sellers for a property to be sold.
*CAR & PH - 6/25/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2628, w/Bank Conditions = 470
In Escrow Listings = 936, w/Bank Conditions = 508
Sold from 01/01/09 = 2110, w/Bank Conditions = 730
*SOCALMLS 06/30/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2009 COMPARED TO MAY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 18- $525,000 - minus 2%
Costa Mesa - 92627 - 25 - $465,000 - minus 14%
Dana Point - 92629 - 27 - $715,000 - minus 8%
Laguna Beach - 92651 - 38 - $985,000 - minus 6%
Laguna Niguel - 92677 - 55 - $635,000 - minus 2%
Newport Beach - 92660 - 31 - $1,010,000 - minus 5%
Newport Beach - 92661- 92 - $1,620,000 - 18%
Newport Beach - 92663 - 9 - $1,633,000 - 41%
Newport Coast - 92657 - 19 - $2,550,000 - 40%
San Clemente - 92672 - 23 - $602,000 - 5%
San Clemente - 92673 - 38 - $655,000 - minus 6%
*DQNews/LATimes, 06/30/2010
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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!
Home prices increased 1.2% in May in California compared with the same period a year ago, while the median price, the average price of all sales, rose 23%.
Home sales posted their third largest increase on record for May, due in part to first-time home buyers who opened and closed escrows to capitalize on both the federal and state tax credits,
May 2010 also marked the 5th month of double-digit gains in the median price, indicative of strong buyer demand relative to the supply of homes for sale. With a 4.6-month supply of homes for sale, unsold inventory continues to be well below the long-run average of seven months, and will continue to drive price appreciation over the next several months.
THE LAGUNA MARKET: In Laguna Beach May 2010 had 37 closed sales compared to May 2005, the peak year of the market, with 41 closed sales. Inventory at the end of May 2010 was 375 properties for sale compared to May 2005 with only 139 for sale. This dIsparIty in inventory is the reason that prices are not increasing. Until existing inventory lowers there will still be a lot of competition among sellers for a property to be sold.
*CAR & PH - 6/25/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2628, w/Bank Conditions = 470
In Escrow Listings = 936, w/Bank Conditions = 508
Sold from 01/01/09 = 2110, w/Bank Conditions = 730
*SOCALMLS 06/30/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2009 COMPARED TO MAY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 18- $525,000 - minus 2%
Costa Mesa - 92627 - 25 - $465,000 - minus 14%
Dana Point - 92629 - 27 - $715,000 - minus 8%
Laguna Beach - 92651 - 38 - $985,000 - minus 6%
Laguna Niguel - 92677 - 55 - $635,000 - minus 2%
Newport Beach - 92660 - 31 - $1,010,000 - minus 5%
Newport Beach - 92661- 92 - $1,620,000 - 18%
Newport Beach - 92663 - 9 - $1,633,000 - 41%
Newport Coast - 92657 - 19 - $2,550,000 - 40%
San Clemente - 92672 - 23 - $602,000 - 5%
San Clemente - 92673 - 38 - $655,000 - minus 6%
*DQNews/LATimes, 06/30/2010
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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!
Sunday, May 30, 2010
JUNE 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
HOUSING MARKET LEVELS OFF, SALES HIGHER THAN APRIL 2009
COASTAL INCREASE IN SALES: Southern California's housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009's low point.
FORECLOSURES: The demand for attractive foreclosed properties well exceeds the number of properties on the market. Sales statistics in some areas have declined due to this buyer demand.
INTEREST RATES: At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes.
BUYERS: It's an ideal time for many families to purchase their first home even though they may face stiff competition with multiple offers.
SELLERS: Sales in April 2010 decreased 6.4% compared with the March 2010, so it is still a time to price properties realistically. Sellers need to be willing to negotiate for the best price obtainable - no holding out for a higher price - this is a time to be realistic!
*CAR-5/30/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2496, w/Bank Conditions = 459
In Escrow Listings = 1016, w/Bank Conditions = 537
Sold from 01/01/09 = 1690, w/Bank Conditions = 599
*SOCALMLS 05/30/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2009 COMPARED TO FEBRUARY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 22- $519,000 - 3%
Costa Mesa - 92627 - 23 - $556,000 - 14%
Dana Point - 92629 - 15 - $870,000 - 15%
Laguna Beach - 92651 - 31 - $1,175,000 - 3%
Laguna Niguel - 92677 - 45 - $610,000 - minus 6%
Newport Beach - 92660 - 24 - $1,550,000 - 0
Newport Beach - 92661- 2 - $3,590,000 - 247%
Newport Beach - 92663 - 12 - $1,850,000 - 72%
Newport Coast - 92657 - 17 - $2,058,000 - 14%
San Clemente - 92672 - 19 - $592,000 - minus 14%
San Clemente - 92673 - 27 - $695,000 - minus 2%
*Note all price averages are higher over 2009 except for 4 out of 14 zip codes with 1 at zero. This sign of a changing market!
*DQNews/LATimes, 05/30/2010
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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!
COASTAL INCREASE IN SALES: Southern California's housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009's low point.
FORECLOSURES: The demand for attractive foreclosed properties well exceeds the number of properties on the market. Sales statistics in some areas have declined due to this buyer demand.
INTEREST RATES: At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes.
BUYERS: It's an ideal time for many families to purchase their first home even though they may face stiff competition with multiple offers.
SELLERS: Sales in April 2010 decreased 6.4% compared with the March 2010, so it is still a time to price properties realistically. Sellers need to be willing to negotiate for the best price obtainable - no holding out for a higher price - this is a time to be realistic!
*CAR-5/30/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2496, w/Bank Conditions = 459
In Escrow Listings = 1016, w/Bank Conditions = 537
Sold from 01/01/09 = 1690, w/Bank Conditions = 599
*SOCALMLS 05/30/10
--------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2009 COMPARED TO FEBRUARY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 22- $519,000 - 3%
Costa Mesa - 92627 - 23 - $556,000 - 14%
Dana Point - 92629 - 15 - $870,000 - 15%
Laguna Beach - 92651 - 31 - $1,175,000 - 3%
Laguna Niguel - 92677 - 45 - $610,000 - minus 6%
Newport Beach - 92660 - 24 - $1,550,000 - 0
Newport Beach - 92661- 2 - $3,590,000 - 247%
Newport Beach - 92663 - 12 - $1,850,000 - 72%
Newport Coast - 92657 - 17 - $2,058,000 - 14%
San Clemente - 92672 - 19 - $592,000 - minus 14%
San Clemente - 92673 - 27 - $695,000 - minus 2%
*Note all price averages are higher over 2009 except for 4 out of 14 zip codes with 1 at zero. This sign of a changing market!
*DQNews/LATimes, 05/30/2010
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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!
Wednesday, March 31, 2010
APRIL 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SOUTHERN CALIFORNIA MEDIAM SALES AND PRICES
Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.
BUYERS: With prices and mortgage interest rates low, the cost of ownership is about as low as we've seen it in decades. With the current loan rates and reduced prices, it's possible the stars won't line up this way again for many years for home buyers.
Absentee buyers bought 18.9% of the homes sold in February. Buyers who paid all cash accounted for 29.3% of February sales. In January it was a revised 29.7% - an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.
LOANS: The loan market is lopsided with most financing being with fixed rate loans. Before a real rebalancing of the market can occur adjustable-rate and jumbo mortgages need to come back.
THE MARKET: Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.57% percent a year ago, which was the all-time high.
THE ECONOMY: Don't bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7% jobless rate achieved in February. The Federal Reserve, meanwhile, will keep the benchmark loan rates near zero and that they will stay low for an "extended period" while the economy recovers.
*Realty Times, 3/22/10, CAR 3/17/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2359, w/Bank Conditions = 408
In Escrow Listings = 1006, w/Bank Conditions = 604
Sold from 01/01/09 = 882, w/Bank Conditions = 321
*MLS 03/31/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2009 COMPARED TO JANUARY 2010:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - n/a - n/a - n/a
Capo Beach - 92624 - 6 - $748,000 - 48.8%
Corona del Mar - 92625 - 10 - $1,698,000 - 10.9%
Costa Mesa - 92626 - 19- $570,000 - 8.6%
Costa Mesa - 92627 - 15 - $495,000 - minus 17.5%
Dana Point - 92629 - 5 - $625,000 - 11.8%
Laguna Beach - 92651 - 13 - $710,000 - 32.2%
Laguna Niguel - 92677 - 42 - $710,000 - 11.8%
Newport Beach - 92660 - 19 - $1,013,000 - 19.1%
Newport Beach - 92661- 2 - $4,046,000 - 255.6%
Newport Beach - 92663 - 5 - $1,000,000 - 25%
Newport Coast - 92657 - 17 - $2,298,000 - +64.1%
San Clemente - 92672 - 13 - $600,000 - minus 17/2%
San Clemente - 92673 - 31 - $785,000 - 3.0%
*Note all prices averages are higher over 2009 except for two zip codes, the sign of a changing market?!
DQNews/LATimes, 03/22/2010
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ZIP Codes Analyzed: 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!
Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.
BUYERS: With prices and mortgage interest rates low, the cost of ownership is about as low as we've seen it in decades. With the current loan rates and reduced prices, it's possible the stars won't line up this way again for many years for home buyers.
Absentee buyers bought 18.9% of the homes sold in February. Buyers who paid all cash accounted for 29.3% of February sales. In January it was a revised 29.7% - an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.
LOANS: The loan market is lopsided with most financing being with fixed rate loans. Before a real rebalancing of the market can occur adjustable-rate and jumbo mortgages need to come back.
THE MARKET: Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.57% percent a year ago, which was the all-time high.
THE ECONOMY: Don't bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7% jobless rate achieved in February. The Federal Reserve, meanwhile, will keep the benchmark loan rates near zero and that they will stay low for an "extended period" while the economy recovers.
*Realty Times, 3/22/10, CAR 3/17/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2359, w/Bank Conditions = 408
In Escrow Listings = 1006, w/Bank Conditions = 604
Sold from 01/01/09 = 882, w/Bank Conditions = 321
*MLS 03/31/10
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2009 COMPARED TO JANUARY 2010:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - n/a - n/a - n/a
Capo Beach - 92624 - 6 - $748,000 - 48.8%
Corona del Mar - 92625 - 10 - $1,698,000 - 10.9%
Costa Mesa - 92626 - 19- $570,000 - 8.6%
Costa Mesa - 92627 - 15 - $495,000 - minus 17.5%
Dana Point - 92629 - 5 - $625,000 - 11.8%
Laguna Beach - 92651 - 13 - $710,000 - 32.2%
Laguna Niguel - 92677 - 42 - $710,000 - 11.8%
Newport Beach - 92660 - 19 - $1,013,000 - 19.1%
Newport Beach - 92661- 2 - $4,046,000 - 255.6%
Newport Beach - 92663 - 5 - $1,000,000 - 25%
Newport Coast - 92657 - 17 - $2,298,000 - +64.1%
San Clemente - 92672 - 13 - $600,000 - minus 17/2%
San Clemente - 92673 - 31 - $785,000 - 3.0%
*Note all prices averages are higher over 2009 except for two zip codes, the sign of a changing market?!
DQNews/LATimes, 03/22/2010
----------------------------------------------------------------------
ZIP Codes Analyzed: 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!
Sunday, February 28, 2010
MARCH 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SOUTHLAND HOME SALES, MEDIUM PRICE EDGE UP FOR 2ND MONTH IN 2010
A total of 15,361 new and resale homes closed escrow in February 2009 in the southland. This is a 0.9% increase over the 15,227 sales in January 2009. FYI: There are 8.5 million homes and condos in California. In the MLS stats below 4 of the 14 cities had median price increases.
LUXURY MARKET: Prestige home sales are a unique sub-category of the real estate market. The buyers and sellers respond to a different set of motivations. In the multi-million-dollar price ranges, decisions are largely discretionary and aren't as dependent upon jobs, prices and interest rates the way they are for most buyers and sellers.
The most expensive confirmed purchase last year was a 22,721-square-foot, 9-bedroom, 10-bathroom Bel Air house built in 2008 which went for $26,500,000 in July. It was also the largest million-dollar home sold last year.
DISTRESS SALES: The number of California homes entering the foreclosure process declined again during fourth quarter 2009 amid signs that the worst may be over.
MIXED SIGNELS FOR 2010: It's unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing foreclosure policies among lenders and loan servicers.
Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress and that losses may be mitigated with short sales and when loan terms are renegotiated with homeowners.
LOANS: The Feds have once again left rates unchanged for March with the intent that this will contribute to more home sales. Lending guidelines are still very involved with a lot of paperwork. But most loans are on time with escrows closing on the contract date.
*DQNews 2/28/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2191, w/Bank Conditions = 410
In Escrow Listings = 1005, w/Bank Conditions = 613
Sold from 01/01/09 = 489, w/Bank Conditions = 118
*MLS 02/28/2010
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2008 COMPARED TO DECEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - $1,541,000 - minus 32.4%
Capo Beach - 92624 - 4 - $535,000 - minus 40.5%
Corona del Mar - 92625 - 5 - $1,795,000 - minus 15%
Costa Mesa - 92626 - 14- $509,000 - minus 5.6%
Costa Mesa - 92627 - 8 - $373,000 - minus 5.4%
Dana Point - 92629 - 11 - $650,000 - minus 10.6%
Laguna Beach - 92651 - 19 - $1,469,000 - +2.7
Laguna Niguel - 92677 - 31 - $695,000 - minus 35.5%Newport Beach - 92660 - 19 - $1,469,000 - +2.7%
Newport Beach - 92661- 2 - $4,875,000 - minus 35%
Newport Beach - 92663 - 9 - $1,238,000 - minus 32%
Newport Coast - 92657 - 6 - $2,700,000 - +44.8%
San Clemente - 92672 - 22 - $670,000 - +19.5%
San Clemente - 92673 - 14 - $635,000 - minus .7%
DQNews/LATimes, 02/28/2010
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!
A total of 15,361 new and resale homes closed escrow in February 2009 in the southland. This is a 0.9% increase over the 15,227 sales in January 2009. FYI: There are 8.5 million homes and condos in California. In the MLS stats below 4 of the 14 cities had median price increases.
LUXURY MARKET: Prestige home sales are a unique sub-category of the real estate market. The buyers and sellers respond to a different set of motivations. In the multi-million-dollar price ranges, decisions are largely discretionary and aren't as dependent upon jobs, prices and interest rates the way they are for most buyers and sellers.
The most expensive confirmed purchase last year was a 22,721-square-foot, 9-bedroom, 10-bathroom Bel Air house built in 2008 which went for $26,500,000 in July. It was also the largest million-dollar home sold last year.
DISTRESS SALES: The number of California homes entering the foreclosure process declined again during fourth quarter 2009 amid signs that the worst may be over.
MIXED SIGNELS FOR 2010: It's unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing foreclosure policies among lenders and loan servicers.
Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress and that losses may be mitigated with short sales and when loan terms are renegotiated with homeowners.
LOANS: The Feds have once again left rates unchanged for March with the intent that this will contribute to more home sales. Lending guidelines are still very involved with a lot of paperwork. But most loans are on time with escrows closing on the contract date.
*DQNews 2/28/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2191, w/Bank Conditions = 410
In Escrow Listings = 1005, w/Bank Conditions = 613
Sold from 01/01/09 = 489, w/Bank Conditions = 118
*MLS 02/28/2010
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2008 COMPARED TO DECEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - $1,541,000 - minus 32.4%
Capo Beach - 92624 - 4 - $535,000 - minus 40.5%
Corona del Mar - 92625 - 5 - $1,795,000 - minus 15%
Costa Mesa - 92626 - 14- $509,000 - minus 5.6%
Costa Mesa - 92627 - 8 - $373,000 - minus 5.4%
Dana Point - 92629 - 11 - $650,000 - minus 10.6%
Laguna Beach - 92651 - 19 - $1,469,000 - +2.7
Laguna Niguel - 92677 - 31 - $695,000 - minus 35.5%Newport Beach - 92660 - 19 - $1,469,000 - +2.7%
Newport Beach - 92661- 2 - $4,875,000 - minus 35%
Newport Beach - 92663 - 9 - $1,238,000 - minus 32%
Newport Coast - 92657 - 6 - $2,700,000 - +44.8%
San Clemente - 92672 - 22 - $670,000 - +19.5%
San Clemente - 92673 - 14 - $635,000 - minus .7%
DQNews/LATimes, 02/28/2010
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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