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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JANUARY 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS

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



California Housing Market Is Expected to Be Up in 2014

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

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

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

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

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

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

 

*Source DQNews/CAR 12/26/13

 

Market Outlook From 2008 to Predicted 2014 - CAR

 



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

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

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

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

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

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

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

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

 *Source DQNews/LATimes 12/29/13

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24 Years - 24 Homes Sold in Twenty-Thirteen

Put Our Expertise To Work For You...Click Here To Contact Pamela and Amanda



Sold by Pamela and Amanda
Oak St, Laguna Beach

 

CC: 12/31/13

 

DECEMBER 2013 SOUTH ORANGE COUNTY REAL ESTATE NEWS

Holidays in Laguna Beach
Include Many Exciting Events for All!

 

 

"Distress Sales Decline As Home Prices Remain Stable"

Indicators of market distress continue to decline. Foreclosure activity remains well below a year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable. Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.3% of sales.

MEDIAN SALE PRICES: Southern California home buying picked up in October compared with September but fell short of a year earlier as sales in inventory-starved markets and lower-cost markets continued to lag far behind 2012 levels. For the fourth month in a row the region’s median sale price more or less moved sideways, though it was still nearly 22% higher than October 2012.

SALES PRICE INCREASES: It appears that almost all of last month’s price increases reflects rising home prices, while a small portion reflects a change in the price range of homes that sold. Last year there was a large increase in mid- to high-end sales and a big decline in sales of lower-cost distressed properties.

ABSENTEE AND INVESTOR BUYER SALES DOWN: Mostly investors and some second-home purchasers bought 26.5% of the Southland homes sold last month, which is the lowest share for any month since it was 25.1% in November 2011.

"FLIPPING HOMES" INCREASES: 6.5% of homes sold on the open market had previously sold in the prior six months. That’s up from a flipping rate of 6.1% in September and up from 6.0% in October 2012. Flipping peaked at 7.0% February this year and had trended lower most months this year until September. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Source LATimes, DQNews 11/30/13

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NOVEMBER 2013 STATISTICS FOR LAGUNA BEACH:

207 active listings
45 in escrow
28 closed sales from 11/01/13 - 11/30/13

28 Sales for November 2013:
3 sales under $1 million
11 sales $1-2 million
10 sales $2-3 million
1 sale $3,075,000
1 sale $4,010,000

1 sale $5.285,000
1 sale $6,750,000

*Source CRMLS 11/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2012 COMPARED TO OCTOBER 2013:

Balboa Island - 92662 - 3 - $2,263,000 – 89.1%
Capo Beach - 92624 - 8 - $790,000 – 16.3%
Corona del Mar - 92625 - 16 - $1,761,000 – 22.1%
Costa Mesa - 92626 - 19- $629,000 – 25.2%
Costa Mesa - 92627 - 33 - $788,000 – 46.622.1%
Dana Point - 92629 - 25 - $910,000 – 25.1%
Laguna Beach - 92651 - 32 - $1,425,000 – 29.5%
Laguna Niguel - 92677 - 53 - $835,000 - 28%
Newport Beach - 92660 - 24 - $1,544,000 – 42.9%
Newport Beach – 92661 – 2 - $1,638,000 – 17%

Newport Beach – 92663 – 16 - $1,450,000 – minus 18.3%

Newport Coast – 92657 – 16 - $2,400,000 – minus 23.1%

San Clemente – 92672 – 23 - $700,000 – 12%

San Clemente – 92673 – 28 - $777,000 – 10.6%

 
*Most zip codes have lower median prices than prior month due to decreases in inventory.

*Source DQNews/LATimes 11/30/13

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NOVEMBER 2013 SOUTH ORANGE COUNTY REAL ESTATE NEWS



View This Exquisite Laguna Beach Home Listed by Pamela & Amanda

                                           

“O.C. SEES ITS BEST SUMMER IN HOUSING SINCE 2005”

*Sales - Up 11% from 2012 and marks the busiest July to September since 2005.

*Prices - Increased 19.7% in September year over year.

*Affordability - Only San Francisco is a tougher market for middle-class earners to crack. Orange County came in as the second most unaffordable housing market in a study of 100 spots around the US. San Francisco was the first at 14% and O.C came in at 23%

September Compared to a Year Ago

Prices rose 23% in the 12 months ending in August, the biggest annual percentage gain in almost 9 years. They are close to post-recession highs despite rising interest rates and low inventory.

Resale Homes - up 20.0%

New Homes - up 2.6%

Resale Condos - up 24.6%

Sales Volume

Resale Homes  -  down 0.5%

New Homes  -  up 95.0%

Resale Condos  -  up 16.0%

Sales Volume up 2,916 from 2,677 a year ago

Rentals Reach A New High

Orange County apartment rents rose an average of $37 a month over the summer, pushing the asking rent in a large complex to a record $1,708. The report marked the 11^th consecutive quarter of rising apartment rents in Orange County.

*Source LATimes, DQNews, Register 10/1-25/13
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OCTOBER STATISTICS FOR LAGUNA BEACH:

229 active listings
47 in escrow
31 closed sales from 10/01/13 - 10/31/13

31 Sales for OctoberAugust 2013:
10 sales under $1 million
101sales $1-2 million
3 sales $2-3 million
2 sales 3-4 million
2 sales $4-5 million
1 sales $6,350,000
1 sale $9,400,000
1 sale $15,500,000

*Update: CRMLS 11/18/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER  2012 COMPARED TO SEPTEMBER 2013:
Balboa Island - 92662 - 3 - $2,000,000 – minus 16.5%
Capo Beach - 92624 - 6 - $680,000 – 21.4%
Corona del Mar - 92625 - 17 - $2,149,000 – 61.6%
Costa Mesa - 92626 - 38- $625,000 – 24.6%
Costa Mesa - 92627 - 28 - $625,000 - 25%
Dana Point - 92629 - 28 - $835,000 - 30%
Laguna Beach - 92651 - 37 - $1,618,000 – 22.1%
Laguna Niguel - 92677 - 61 - $755,000 – 8.2%
Newport Beach - 92660 - 28 - $1,638,000 - 25%

Newport Beach – 92661 – 5 - $2,795,000 – 32.2%
Newport Beach – 92663 – 10 - $2,200.000 – 4.4%
Newport Coast – 92657 – 21 - $2,975,000 – 51.8%
San Clemente – 92672 – 23 - $795,000 – 13.6%
San Clemente – 92673 – 35 - $922,000 – 38%

*Source DQNews 10/25/13
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                                      Visit this Historic Beach Cottage in Beautiful Victoria Beach

OCTOBER 2013 SOUTH ORANGE COUNTY REAL ESTATE

Laguna Beach 15th Annual Plein Air Painters Invitational 
To be held at Aliso Creek Oct 13-19
LPAPA strives to conserve the artistic and culture heritage of Laguna Beach as an arts colony.

 

 

SALE PRICES SLIGHTLY HIGHER IN AUGUST, SALES STEADY

 

Area home sales were the highest for an August in 7 years.. There are fewer cash and investor purchases as prices increase thus amount of sales are down about 1/3. Median sale prices were comparable to June and July but rose over 2012. This makes the 8th consecutive month with a year-over-year gain over 20%.

*Source LATimes, DQNews 9/30/13

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SEPTEMBER STATISTICS FOR LAGUNA BEACH:

233 active listings
52 in escrow
35 closed sales from 9/01/13 - 9/30/13

32 Sales for September 2013:
8 sales under $1 million
16 sales $1-2 million
6 sales $2-3 million
4 sales 3-4 million
1 sale $4,800,000

*Source CRMLS 9/30/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2012 COMPARED TO SEPTEMBER 2013:

Balboa Island - 92662 - 1 - $8,350,000 - N/A
Capo Beach - 92624 - 5 - $1,189,000 - 99.0%
Corona del Mar - 92625 - 14 - $2,185,000 - 36.1%
Costa Mesa - 92626 - 30- $609,000 - 35.0%
Costa Mesa - 92627 - 34 - $729,000 - 22.1%
Dana Point - 92629 - 29 - $875,000 - 18.4%
Laguna Beach - 92651 - 38 - $1,968,000 - 31.2%
Laguna Niguel - 92677 - 62 - $776,000 - 15.8%
Newport Beach - 92660 - 38 - $1,573,000 - 21.9%
Newport Beach - 92661 - 5 - $1,680,000 - 6.7%
Newport Beach - 92663- 15 - $1,400,000 - minus 30.6%
Newport Coast - 92657 - 22 - $2,400,000 - minus 11.1%
San Clemente - 92672 - 30 - $828,000 - 14.1%
San Clemente - 92673 - 38 - $880,000 - 25.7%

**Market Changes: Almost all zip codes are down in number of sales and median price from June 2012, % of median price is about the same or less in some zip codes.
Source DataQuickNews/LATimes 9/30/13

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