SO CAL HOME MEDIAN PRICE EDGES UP, SALES DROP AGAIN
Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts. The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its peak loss. ,
BUYERS: I've said this before and I'm still saying it; this is your market take advantage of the low prices and great deals to be had. Don't wait too long as foreclosures and short sales are lessening or you may be caught saying, "I should have bought in 2010." I hope not!
SELLERS: Please listen to your real estate professional with whom you have placed your trust and confidence to sell a very valued possession...your property. If a price reduction is suggested it is warranted. Amount of showings and lack of offers are signs that a price is too high. When you do receive an offer your agent should negotiate the best price possible and you should accept it. Then you will be ready to move on to the next stage of your life!
*DQNews - Pamela Horton 11/01/10
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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 = 2494, w/Bank Conditions = 483
In Escrow Listings = 823, w/Bank Conditions = 468
Sold from 01/01/10 = 3558, w/Bank Conditions = 1165
*SOCALMLS 11/01/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2009 COMPARED TO SEPTEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $4,000,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 11 - $1,500,000 - 8%
Costa Mesa - 92626 - 29 - $499,000 - minus 11.8%
Costa Mesa - 92627 - 24 - $575,000 - 25.7%
Dana Point - 92629 - 14 - $820,000 - 18.7%
Laguna Beach - 92651 - 28 - $1,150,000 - minus 13.9%
Laguna Niguel - 92677 - 43 - $575,000 - minus 15.4%
Newport Beach - 92660 - 24 - $1,150,000 - 1.8%
Newport Beach - 92661- 3 - $1,187,000 - minus 30%
Newport Beach - 92663 - 12 - $1,131,000 - 15%
Newport Coast - 92657 - 17 - $629,000 - minus 12.7%
San Clemente - 92672 - 33 - $785,000 - 9.8%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 11/01/2010
------------------------------------------------------------------------
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!
Sunday, October 31, 2010
Friday, October 1, 2010
OCTOBER 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHERN CALIFORNIA HOME SALES DIP
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits.
SALE PRICES: The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
MARKET DISTRESS: Indicators continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average
BUYERS BEWARE: Over the next couple of months it will be interesting to see how many home shoppers opt for the sure thing, a spectacularly low mortgage rate, and how many hold off in hopes prices fall significantly. The latter group will have to keep a close eye on rates. If they jump much it could wipe out the advantage of a modest price drop.
SELLERS STAY STRONG: Your property needs to stay on the market to sell; just keep your confidence that the right buyer will find your property to be "their new dream home!"
*DQNews - 9/27/10
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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 = 2713, w/Bank Conditions = 503
In Escrow Listings = 839, w/Bank Conditions = 459
Sold from 01/01/10 = 3166, w/Bank Conditions = 1,042
*SOCALMLS 09/28/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2009 COMPARED TO AUGUST 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,150,000 - n/a
Capo Beach - 92624 - 7- $485,000 - minus 6.5%
Corona del Mar - 92625 - 11 - $2,125,000 - 8.4%
Costa Mesa - 92626 - 15 - $533,000 - 0.9%
Costa Mesa - 92627 - 20 - $522,000 - minus 15.1%
Dana Point - 92629 - 21 - $850,000 - 13.9%
Laguna Beach - 92651 - 27 - $1,350,000 - 12.4%
Laguna Niguel - 92677 - 47 - $663,000 - minus 1.9%
Newport Beach - 92660 - 20 - $1,288,000 - minus 49.1%
Newport Beach - 92661- 3 - $2,189,000 - n/a
Newport Beach - 92663 - 11 - $1,600,000 - 41.6%
Newport Coast - 92657 - 15 - $1,705,000 - 4.1%
San Clemente - 92672 - 15 - $576,000 - minus 2.0%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 09/27/2010
------------------------------------------------------------------------
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!
Questions: Contact Pamela@PamelaHorton.com
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits.
SALE PRICES: The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
MARKET DISTRESS: Indicators continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average
BUYERS BEWARE: Over the next couple of months it will be interesting to see how many home shoppers opt for the sure thing, a spectacularly low mortgage rate, and how many hold off in hopes prices fall significantly. The latter group will have to keep a close eye on rates. If they jump much it could wipe out the advantage of a modest price drop.
SELLERS STAY STRONG: Your property needs to stay on the market to sell; just keep your confidence that the right buyer will find your property to be "their new dream home!"
*DQNews - 9/27/10
-----------------------------------------------------------------
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 = 2713, w/Bank Conditions = 503
In Escrow Listings = 839, w/Bank Conditions = 459
Sold from 01/01/10 = 3166, w/Bank Conditions = 1,042
*SOCALMLS 09/28/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2009 COMPARED TO AUGUST 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,150,000 - n/a
Capo Beach - 92624 - 7- $485,000 - minus 6.5%
Corona del Mar - 92625 - 11 - $2,125,000 - 8.4%
Costa Mesa - 92626 - 15 - $533,000 - 0.9%
Costa Mesa - 92627 - 20 - $522,000 - minus 15.1%
Dana Point - 92629 - 21 - $850,000 - 13.9%
Laguna Beach - 92651 - 27 - $1,350,000 - 12.4%
Laguna Niguel - 92677 - 47 - $663,000 - minus 1.9%
Newport Beach - 92660 - 20 - $1,288,000 - minus 49.1%
Newport Beach - 92661- 3 - $2,189,000 - n/a
Newport Beach - 92663 - 11 - $1,600,000 - 41.6%
Newport Coast - 92657 - 15 - $1,705,000 - 4.1%
San Clemente - 92672 - 15 - $576,000 - minus 2.0%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 09/27/2010
------------------------------------------------------------------------
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!
Questions: Contact Pamela@PamelaHorton.com
Monday, August 30, 2010
SEPTEMBER 2010 COASTAL ORANGE COUNTY CALIFORNIA REAL ESTATE NEWS
SOUTHERN CALIFORNIA HOME SALES DIP
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
LAGUNA BEACH MARKET: In August 2010 there were 28 closed sales with inventory of 404 properties which is higher than sales for July 2010 with 20 closed sales and inventory of 399 homes. Sales picking up is a very good sign. But with rising inventory competition is even greater than it has been in a long time. Sellers need to price realistically; listen to their chosen real estate professional as to list price and not your "wish" price!
SELLERS: It is expected some "sideways" buying and selling will kick in, especially among homeowners who have owned for more than seven years and didn't take out equity during the frenzy. You may have to "discount" your self-perceived home value, but if the person you're buying from has to do the same thing, it doesn't matter. And you may get a spectacularly low mortgage rate.
BUYERS: The "flipping" of homes has trended higher over the past year. Last month the percentage of Southland homes flipped - bought and re-sold - within a six-month period was 3.7% while in June it was 3.4% and a year ago it was 2%. Last month flipping varied from as little as 2.8 percent in Orange County to as much as 4.4 percent in Los Angeles County.
CASH BUYERS: Accounted for 26.7% of July sales.
*PH - 9/01/10
------------------------------------------------------
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 = 2806, w/Bank Conditions = 505
In Escrow Listings = 832, w/Bank Conditions = 466
Sold from 01/01/10 = 2837, w/Bank Conditions = 947
*SOCALMLS 09/01/10
-------------------------------------------------------
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 - 3 - $2,300,000 - 37.3%
Capo Beach - 92624 - 4 - $833,000 - 5.7%
Cororna del Mar - 92625 - 15 - $1,575,000 - minus 8.7%
Costa Mesa - 92626 - 25- $530,000 - 0.9%
Costa Mesa - 92627 - 19 - $500,000 - minus 10.1%
Dana Point - 92629 - 15 - $755,000 - minus 1%
Laguna Beach - 92651 - 24 - $1,375,000 - 17%
Laguna Niguel - 92677 - 40 - $617,000 - 0.3%
Newport Beach - 92660 - 30 - $1,558,000 - 21.3%
Newport Beach - 92661- 3 - $1,465,000 - n/a
Newport Beach - 92663 - 15 - $1,213,000 - minus 26.8%
Newport Coast - 92657 - 15 - $1,640,000 - minus 17%
San Clemente - 92672 - 16 - $648,000 - minus 3.6%
San Clemente - 92673 - 34 - $818,000 - 6.6%
*DQNews/LATimes, 09/01/2010
-------------------------------------------------------
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!
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
LAGUNA BEACH MARKET: In August 2010 there were 28 closed sales with inventory of 404 properties which is higher than sales for July 2010 with 20 closed sales and inventory of 399 homes. Sales picking up is a very good sign. But with rising inventory competition is even greater than it has been in a long time. Sellers need to price realistically; listen to their chosen real estate professional as to list price and not your "wish" price!
SELLERS: It is expected some "sideways" buying and selling will kick in, especially among homeowners who have owned for more than seven years and didn't take out equity during the frenzy. You may have to "discount" your self-perceived home value, but if the person you're buying from has to do the same thing, it doesn't matter. And you may get a spectacularly low mortgage rate.
BUYERS: The "flipping" of homes has trended higher over the past year. Last month the percentage of Southland homes flipped - bought and re-sold - within a six-month period was 3.7% while in June it was 3.4% and a year ago it was 2%. Last month flipping varied from as little as 2.8 percent in Orange County to as much as 4.4 percent in Los Angeles County.
CASH BUYERS: Accounted for 26.7% of July sales.
*PH - 9/01/10
------------------------------------------------------
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 = 2806, w/Bank Conditions = 505
In Escrow Listings = 832, w/Bank Conditions = 466
Sold from 01/01/10 = 2837, w/Bank Conditions = 947
*SOCALMLS 09/01/10
-------------------------------------------------------
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 - 3 - $2,300,000 - 37.3%
Capo Beach - 92624 - 4 - $833,000 - 5.7%
Cororna del Mar - 92625 - 15 - $1,575,000 - minus 8.7%
Costa Mesa - 92626 - 25- $530,000 - 0.9%
Costa Mesa - 92627 - 19 - $500,000 - minus 10.1%
Dana Point - 92629 - 15 - $755,000 - minus 1%
Laguna Beach - 92651 - 24 - $1,375,000 - 17%
Laguna Niguel - 92677 - 40 - $617,000 - 0.3%
Newport Beach - 92660 - 30 - $1,558,000 - 21.3%
Newport Beach - 92661- 3 - $1,465,000 - n/a
Newport Beach - 92663 - 15 - $1,213,000 - minus 26.8%
Newport Coast - 92657 - 15 - $1,640,000 - minus 17%
San Clemente - 92672 - 16 - $648,000 - minus 3.6%
San Clemente - 92673 - 34 - $818,000 - 6.6%
*DQNews/LATimes, 09/01/2010
-------------------------------------------------------
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!
Saturday, July 31, 2010
Pamela Horton's August 2010 South Orange County California Real Estate Update
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
----------------------------------------------------------------------------
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
------------------------------------------------------------------------
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
------------------------------------------------------------------------
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!
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
----------------------------------------------------------------------------
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
------------------------------------------------------------------------
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
------------------------------------------------------------------------
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, 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
-------------------------------------------------------------
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
-------------------------------------------------------------
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!
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