INVESTOR INTEREST HIGH - SOUTHLAND HOME SALES AT 3-YEAR LOW
Southern California's housing market remained sluggish in February despite relatively strong demand from investors and others paying cash for homes. Prices appeared fairly flat as many potential home buyers stayed on the sidelines and waited - whether for a sign values have bottomed, job security has improved or credit has loosened.
Foreclosure Sales - Properties foreclosed on in the prior 12 months made up 37.1% of sales, up from 36.8% in January but down from 42.4% in 2010. Foreclosure sales peaked at 56.7% in February 2009.
Short Sales - Transactions where the sale price fell short of what was owed on the property made up an estimated 19.8% of sales. This was up from an estimated 19.7% in January, 18.4% a year earlier, and 12% two years ago.
Investor Purchases - The abundance of distressed homes for sale continues to attract unusually high levels of investors and second-home buyers who bought a record 26.1%.
Cash Purchasers - Accounted for a record 31.7% of February home sales. This is up from 30.4% in January and 30.1% a year earlier. The February cash level was the highest for any month in DataQuick's statistics which go back to 1988.
Laguna Beach Statistics For March 2011 - 24 homes closed escrow, 55 were in escrow and 317 unsold. The high level of unsold homes is the key factor in prices staying low and decreasing prices of existing listings. Sales price ranges - 11 homes sold for under $1 million, 10 homes sold from $2-3 million and 3 in the $2-3 million price range.
*Information sources: DataQuick/SoCalMLS 3/31/11
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,285, w/Bank Conditions = 428
In Escrow Listings = 578, w/Bank Conditions = 505
Sold from 01/01/11 = 874, w/Bank Conditions = 325
*SoCalMLS 03/31/11
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2010 COMPARED TO FEBRUARY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,348,000 - n/a
Capo Beach - 92624 - 5- $570,000 - minus 23.7%
Corona del Mar - 92625 - 12 - $1,275,000 -minus 24.9%
Costa Mesa - 92626 - 8 - $520,000 - minus 8.9%
Costa Mesa - 92627 -19 - $505,000 - minus 8.9%
Dana Point - 92629 - 11 - $950,000 - 52%
Laguna Beach - 92651 - 24 - $1,100,000 - minus 34.7%
Laguna Niguel - 92677 -35 - $585,000 - minus 18.2%
Newport Beach - 92660 - 16 - $1,205,000 - 9.5%
Newport Beach - 92661- 1 - $1,300,000 - minus 67.9%
Newport Beach - 92663 - 12 - $1,015,000 - 1.5%
Newport Coast - 92657 - 10 - $1,300,000 - minus 43.4%
San Clemente - 92672 - 16 - $546,000 - minus 9%
San Clemente - 92673 - 31 - $670,000 - minus 14.6%
*DataQuickNews/LATimes, 03/31/2011
-----------------------------------------------------------------
Wednesday, March 30, 2011
Monday, February 28, 2011
MARCH 2011 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
WHY 2011 MAY BE THE END OF THE HOUSING CRASH FROM THE HIGH OF MID-2006
There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop.
Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006.
HOUSING VS INCOME:
Housing is the most affordable it has been in decades, according to analysts at Moody's Analytics. This group doesn't just look at house prices. They also look at incomes. Nationally, the cost of a house is the equivalent of about 19 months of total pay for an average family, the lowest level in 35 years. Prices usually average close to two years' pay, although that varies nationally.
At the peak, midway through the last decade, a home in Los Angeles cost the equivalent of 4.5 years' pay. The average price has since fallen to just over two years' income now. That's well below its pre-bubble average of 2.6 years. This means average Los Angeles homes are cheaper in "real terms" than they were typically during the period 1989 through 2003.
AFFORDABILITY:
In the end, it will be affordability that will drive people to buy homes. Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own. Housing prices will probably bottom in 2011 while continuting to decrease by 5% in some markets.
INVESTORS:
Here's another sign the market is nearing a bottom. Investors have started to buy up houses and condos, in many instances paying entirely in cash. That's a far cry from the heady bubble days when borrowed money seemed the key to riches. The bubble-era speculators who got burned tended to buy at the peak and borrowed heavily to do so. When the crash came, they quickly saw their wealth erased.
Wall Street Journal 2/27/2011
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,251, w/Bank Conditions = 464
In Escrow Listings = 822, w/Bank Conditions = 461
Sold from 01/01/11 = 464, w/Bank Conditions = 202
*SOCALMLS 02/28/2011
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2010 COMPARED TO JANUARY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,395,000 - n/a
Capo Beach - 92624 - 3- $610,000 - 14.%
Corona del Mar - 92625 - 12 - $1,570,000 -minus 37.1%
Costa Mesa - 92626 - 17 - $523,000 - 4%
Costa Mesa - 92627 - 20 - $520,000 - 40%
Dana Point - 92629 - 13 - $590,000 - 9%
Laguna Beach - 92651 - 27 - $1,020,000 - minus 17%
Laguna Niguel - 92677 -37 - $685,000 - minus 1%
Newport Beach - 92660 - 22 - $1,190,000 - minus 19%
Newport Beach - 92661- 2 - $2,575,000 - minus 47%
Newport Beach - 92663 - 9 - $1,785,000 - 44%
Newport Coast - 92657 - 11 - $1,890,000 - 11%
San Clemente - 92672 - 22 - $680,000 - 1%
San Clemente - 92673 - 18 - $745,000 - 17%
*DQNews/LATimes, 02/28/2011
------------------------------------------------------------------------
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!
There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop.
Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006.
HOUSING VS INCOME:
Housing is the most affordable it has been in decades, according to analysts at Moody's Analytics. This group doesn't just look at house prices. They also look at incomes. Nationally, the cost of a house is the equivalent of about 19 months of total pay for an average family, the lowest level in 35 years. Prices usually average close to two years' pay, although that varies nationally.
At the peak, midway through the last decade, a home in Los Angeles cost the equivalent of 4.5 years' pay. The average price has since fallen to just over two years' income now. That's well below its pre-bubble average of 2.6 years. This means average Los Angeles homes are cheaper in "real terms" than they were typically during the period 1989 through 2003.
AFFORDABILITY:
In the end, it will be affordability that will drive people to buy homes. Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own. Housing prices will probably bottom in 2011 while continuting to decrease by 5% in some markets.
INVESTORS:
Here's another sign the market is nearing a bottom. Investors have started to buy up houses and condos, in many instances paying entirely in cash. That's a far cry from the heady bubble days when borrowed money seemed the key to riches. The bubble-era speculators who got burned tended to buy at the peak and borrowed heavily to do so. When the crash came, they quickly saw their wealth erased.
Wall Street Journal 2/27/2011
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,251, w/Bank Conditions = 464
In Escrow Listings = 822, w/Bank Conditions = 461
Sold from 01/01/11 = 464, w/Bank Conditions = 202
*SOCALMLS 02/28/2011
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2010 COMPARED TO JANUARY 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,395,000 - n/a
Capo Beach - 92624 - 3- $610,000 - 14.%
Corona del Mar - 92625 - 12 - $1,570,000 -minus 37.1%
Costa Mesa - 92626 - 17 - $523,000 - 4%
Costa Mesa - 92627 - 20 - $520,000 - 40%
Dana Point - 92629 - 13 - $590,000 - 9%
Laguna Beach - 92651 - 27 - $1,020,000 - minus 17%
Laguna Niguel - 92677 -37 - $685,000 - minus 1%
Newport Beach - 92660 - 22 - $1,190,000 - minus 19%
Newport Beach - 92661- 2 - $2,575,000 - minus 47%
Newport Beach - 92663 - 9 - $1,785,000 - 44%
Newport Coast - 92657 - 11 - $1,890,000 - 11%
San Clemente - 92672 - 22 - $680,000 - 1%
San Clemente - 92673 - 18 - $745,000 - 17%
*DQNews/LATimes, 02/28/2011
------------------------------------------------------------------------
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, January 30, 2011
FEBRUARY REAL ESTATE NEWS FOR COASTAL COMMUNITIES OF SOUTH ORANGE COUNTY CA
DECLINE IN CA FORECLOSURE ACTIVITY MAY RESULT IN HIGHER HOME PRICES
The number of California homes going into foreclosure dropped again during the fourth quarter of 2010 to its lowest level in more than three years, the result of shifting market conditions as well as evolving lender and mortgage servicer policies.
Some of this decline is due to less household financial distress and shifts in lender and servicer foreclosure policies. The level of default activity would certainly be higher if it weren't for alternative strategies such as short sales and lenders lengthening grace periods on loans.
Institutions that hold these loans in their portfolios will do whatever it takes to lessen their losses, including waiting to put properties on the market.
Most of the loans that went into default last quarter were originated during the 2005-2007 period, the median origination quarter for defaulted loans remained third-quarter 2006. That has been the case for over a year, indicating that weak underwriting standards peaked then.
BUYERS: This could mean that price declines may be ending with more sales and less distress sales coming on the market. When you are buying know that financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up. All indicators that may lead to a decline in inventory and higher prices.
SELLERS: Home sales were up 15.3% from 31,403 in November, and down 13.4% from 41,837 for December 2009. Good news may be just around the corner for you as to selling times and sale prices.
DQNews, Pamela Horton 01/31/2011
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 01/31/2011
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2010 COMPARED TO DECEMBER 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $3,090,000 - 87.8%
Capo Beach - 92624 - 9- $620,000 - 11.7%
Cororna del Mar - 92625 - 12 - $1,703,000 - 37.1%
Costa Mesa - 92626 - 18 - $602,000 - minus 4.8%
Costa Mesa - 92627 - 30 - $473,000 - minus 15%
Dana Point - 92629 - 19 - $663,000 - minus 16.1%
Laguna Beach - 92651 - 31 - $1,125,000 - minus 17%
Laguna Niguel - 92677 -40 - $668,000 - minus 4.6%
Newport Beach - 92660 - 29 - $1,132,000 - minus 2.9%
Newport Beach - 92661- 5 - $1,750,000 - minus 18.1%
Newport Beach - 92663 - 13 - $1,300,000 - 38.3%
Newport Coast - 92657 - 11 - $1,880,000 - minus 4.6%
San Clemente - 92672 - 23 - $627,000 - minus 22.7%
San Clemente - 92673 - 22 - $663,000 - minus 3.3%
*DQNews/LATimes, 01/31/2011
The number of California homes going into foreclosure dropped again during the fourth quarter of 2010 to its lowest level in more than three years, the result of shifting market conditions as well as evolving lender and mortgage servicer policies.
Some of this decline is due to less household financial distress and shifts in lender and servicer foreclosure policies. The level of default activity would certainly be higher if it weren't for alternative strategies such as short sales and lenders lengthening grace periods on loans.
Institutions that hold these loans in their portfolios will do whatever it takes to lessen their losses, including waiting to put properties on the market.
Most of the loans that went into default last quarter were originated during the 2005-2007 period, the median origination quarter for defaulted loans remained third-quarter 2006. That has been the case for over a year, indicating that weak underwriting standards peaked then.
BUYERS: This could mean that price declines may be ending with more sales and less distress sales coming on the market. When you are buying know that financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up. All indicators that may lead to a decline in inventory and higher prices.
SELLERS: Home sales were up 15.3% from 31,403 in November, and down 13.4% from 41,837 for December 2009. Good news may be just around the corner for you as to selling times and sale prices.
DQNews, Pamela Horton 01/31/2011
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 01/31/2011
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2010 COMPARED TO DECEMBER 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $3,090,000 - 87.8%
Capo Beach - 92624 - 9- $620,000 - 11.7%
Cororna del Mar - 92625 - 12 - $1,703,000 - 37.1%
Costa Mesa - 92626 - 18 - $602,000 - minus 4.8%
Costa Mesa - 92627 - 30 - $473,000 - minus 15%
Dana Point - 92629 - 19 - $663,000 - minus 16.1%
Laguna Beach - 92651 - 31 - $1,125,000 - minus 17%
Laguna Niguel - 92677 -40 - $668,000 - minus 4.6%
Newport Beach - 92660 - 29 - $1,132,000 - minus 2.9%
Newport Beach - 92661- 5 - $1,750,000 - minus 18.1%
Newport Beach - 92663 - 13 - $1,300,000 - 38.3%
Newport Coast - 92657 - 11 - $1,880,000 - minus 4.6%
San Clemente - 92672 - 23 - $627,000 - minus 22.7%
San Clemente - 92673 - 22 - $663,000 - minus 3.3%
*DQNews/LATimes, 01/31/2011
Friday, December 31, 2010
JANUARY 2011 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
TODAY'S MARKET: DISTRESS-SELLING, BARGAIN-HUNTING AND ENTRY-LEVEL BUYING
Today's market can be characterized as much by activity that's not happening, as by the activity that is happening. We're seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold.
THE MARKET: 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 GOOD NEWS: 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 loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear.
2010 SALES FOR LAGUNA BEACH: For 2010 a total of 332 homes were reported sold. Up from 282 of 2009 and 206 of 2008. The last highest sale year was 2005 with 420 sold properties. The reason for this difference between 2005 and 2010 is the amount of unsold inventory. The end of 2005 had 169 properties of unsold homes for sale whereas 2010 ended with 287, which is the lowest amount of all months in 2010.
BUYERS: With inventory lowering and median prices increasing you may want to consider that this is the low point of the market. Interest rates are at an all time low. Don't miss the market and end up saying, "I should have bought in 2011."
SELLERS: This doesn't mean it is your market...yet. With inventory high and distress, bargain and entry level sales going on you need to continue to be realistic in pricing and ready to negotiate your sale price.
DQNews, Pamela Horton 12/31/2010
-----------------------------------------------------------------
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 = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 12/31/2010
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2009 COMPARED TO NOVEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,100,000 - 27.3%
Capo Beach - 92624 - 4- $459,000 - minus 38.6%
Cororna del Mar - 92625 - 10 - $2,013,000 - minus 32.1%
Costa Mesa - 92626 - 20 - $530,000 - 2.7%
Costa Mesa - 92627 - 20 - $549,000 - minus 5.4%
Dana Point - 92629 - 23 - $640,000 - minus 2%
Laguna Beach - 92651 - 28 - $1,225,000 - 22.5%
Laguna Niguel - 92677 -42 - $637,000 - minus 4.2%
Newport Beach - 92660 - 31 - $1,205,000 - minus 8%
Newport Beach - 92661- 2 - $2,635,000 - 35.1%
Newport Beach - 92663 - 9 - $1,525,000 - 27.1%
Newport Coast - 92657 - 14 - $2,500,000 - 47.1%
San Clemente - 92672 - 19 - $625,000 - minus 15%
San Clemente - 92673 - 22 - $751,000 - 14.7%
*DQNews/LATimes, 12/31/2010
------------------------------------------------------------------------
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!
Today's market can be characterized as much by activity that's not happening, as by the activity that is happening. We're seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold.
THE MARKET: 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 GOOD NEWS: 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 loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear.
2010 SALES FOR LAGUNA BEACH: For 2010 a total of 332 homes were reported sold. Up from 282 of 2009 and 206 of 2008. The last highest sale year was 2005 with 420 sold properties. The reason for this difference between 2005 and 2010 is the amount of unsold inventory. The end of 2005 had 169 properties of unsold homes for sale whereas 2010 ended with 287, which is the lowest amount of all months in 2010.
BUYERS: With inventory lowering and median prices increasing you may want to consider that this is the low point of the market. Interest rates are at an all time low. Don't miss the market and end up saying, "I should have bought in 2011."
SELLERS: This doesn't mean it is your market...yet. With inventory high and distress, bargain and entry level sales going on you need to continue to be realistic in pricing and ready to negotiate your sale price.
DQNews, Pamela Horton 12/31/2010
-----------------------------------------------------------------
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 = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 12/31/2010
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2009 COMPARED TO NOVEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,100,000 - 27.3%
Capo Beach - 92624 - 4- $459,000 - minus 38.6%
Cororna del Mar - 92625 - 10 - $2,013,000 - minus 32.1%
Costa Mesa - 92626 - 20 - $530,000 - 2.7%
Costa Mesa - 92627 - 20 - $549,000 - minus 5.4%
Dana Point - 92629 - 23 - $640,000 - minus 2%
Laguna Beach - 92651 - 28 - $1,225,000 - 22.5%
Laguna Niguel - 92677 -42 - $637,000 - minus 4.2%
Newport Beach - 92660 - 31 - $1,205,000 - minus 8%
Newport Beach - 92661- 2 - $2,635,000 - 35.1%
Newport Beach - 92663 - 9 - $1,525,000 - 27.1%
Newport Coast - 92657 - 14 - $2,500,000 - 47.1%
San Clemente - 92672 - 19 - $625,000 - minus 15%
San Clemente - 92673 - 22 - $751,000 - 14.7%
*DQNews/LATimes, 12/31/2010
------------------------------------------------------------------------
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!
Monday, November 29, 2010
DECEMBER 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
OC SALES PREDICTED TO INCREASE IN 2011
Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.
It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.
SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.
*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
-----------------------------------------------------------------
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 = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250
*SOCALMLS 11/29/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%
*DQNews/LATimes, 11/28/2010
Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.
It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.
SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.
*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
-----------------------------------------------------------------
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 = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250
*SOCALMLS 11/29/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%
*DQNews/LATimes, 11/28/2010
Subscribe to:
Posts (Atom)