JUNE 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

Main Beach Laguna - Summer Is Coming!

REAL ESTATE TRENDS 
 

PRICES

Resale Homes          up 8.3%
New Homes              up 15.3%
Resale Condos         up 8.3%

SALES VOLUME

Resale Homes          down 11.6%
Resale Condos          down 5.5%
New Homes              up 32.3%

*Sales Volume 3,111 down from 3,327 a year ago

HISTORY HINTS THAT HOUSING REVIVAL MERELY TAKING BREATHE
The current recovery started off faster than the 1990s edition – with Southern California home-buying pace jumping 40% within 18 months. The current 70-month marker is just 36% above the bottom of July 2008. Prices are still 10% down in that same time frame…you can take comfort from history or sweat the imperfections of this recovery.

HIGH-PRICED SALES BREAKING RECORDS

The U.S. trophy home market is shattering price records this year as an increasing number of residential properties change hands for more than $1 million. Purchases costing $1 million or more represented 2% of sales and rose 7.8% from a year earlier.

O.C.HOMES SELL FASTER THAN MOST OTHER METRO AREAS IN NATION
Orange County is still a seller’s market, with just 45% of homes listed at least two month ago were still for sale in mid-April. Nationally, 55% were still on the market for the same time.

FORECLOSURES DROP 45% IN REGION
Lenders seized or auctioned 45%  fewer homes in Southern California during the first quarter of 2014 than during the same period a year earlier.
 

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MAY 2014 SALES STATISTICS LAGUNA BEACH

231 active listings
56 in escrow
37 closed sales from 5/1/14 - 5/31/14

Statistics for 37 Closed Sales:

4 sales under $1 million
15 sales $1-2 million
11 sales $2-3 million
31 sales $3=4 million
1 sale $4,100.000
2 sales $6-7 million
1 sale for $11,500,000  
 
*Substantial increase in of $2-3 million range,  somewhat higher inventory  and less sales than April 2014.
 **Source CRMLS 5/31/14

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ZIP CODES BY MEDIAN SALE PRICES FOR MAY 2014 COMPARED TO MAY 2013


CITY - ZIP - # OF SALES - MEDIAN SALE PRICE - % CHANGE

Balboa Island - 92662 - 3N/A - N/A - N/A
Capo Beach - 92624 - 7 - $800,000 - minus 10%
Corona del Mar - 92625 - 14 - $2,175,000 - 4%
Costa Mesa - 92626 - 36- $620,000 - 4%
Costa Mesa - 92627 - 28 - $708,000 - minus 7%
Dana Point - 92629 - 24 - $925,000 - 7%
Laguna Beach - 92651 - 48 - $1,799,000 - 29%
Laguna Niguel - 92677 - 56 - $757,000 - 2%
Newport Beach - 92660 - 26 - $1,788,000 - 38.3%
Newport Beach - 92661 - 5 - $3,400,000 - 79%
Newport Beach - 92663 - 21 - $1,900,000 - 0%
Newport Coast - 92657 - 11 - $4,500,000 - 52%
San Clemente - 92672 - 35 - $725,000 - 14%
San Clemente - 92673 - 22 - $839,000 - 2%
 

*Source DQNews/LATimes 5/25/14

Click on link to view our new listing - Income Property in North Laguna



                                                                136 High Drive, Laguna Beach





 



MAY 2014 SOUTH ORANGE COUNTY REAL ESTATE

Art In Laguna
Bench at Montage Oceanfront Walkway

MEDIAN PRICE RISES TO 6-YEAR HIGH, SOUTHLAND HOME SALES AT 6-YEAR LOW

Home prices rose to a high not seen since in March in six years. The median sale price rose to a more-than-six-year high, driven up by demand that continues to exceed supply in many areas, as well as a shift toward a greater share of sales in middle and high-end markets.

SPRING MAKET: Southland home buying got off to a very slow start this year, with last month’s sales coming in at the second-lowest level for a March in nearly two decades.

Reasons for this:  
1.    The inventory of homes for sale remains thin in many markets.
2.    Investor purchases have fallen.
3.    The jump in home prices and mortgage rates over the past year has priced some
        people out of the market. 
4.    Also, would-be buyers struggle with credit hurdles.
5.    Some potential move-up buyers are holding back while they weigh whether to
       abandon a phenomenally low interest rate on their current mortgage in order to buy
        different home.  

DEFAULTS: The number of homeowners defaulting on their mortgage should continue to trend lower thanks to the economic rebound and higher home prices. For a variety of reasons, however, NOD (notices of default) filings could edge higher. This may be due to some larger lenders and servicers that need to quicken the pace at which they're processing existing backlogs of distressed properties. The impact of distressed properties continued to wane. 

HIGH END: It’s better to be on the luxury side of the real estate market for the moment. Prices generally rise faster than at the higher end and sales have been improving in the past year. Homes priced at $1 million+ rose 14.4% over the past 12 months. See statistics below.

*Source DQNews/OC Register 4/28/14
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APRIL 2014 SALES STATISTICS LAGUNA BEACH: 
224 active listings
56 in escrow
44 closed sales from 4/1/14 - 4/30/14

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Statistics for 44 Closed Sales:
5 sales under $1 million
21 sales $1-2 million
9 sales $2-3 million
1 sale for $3,450,000
3 sales $4-5 million
1 sale for $6,500,000
2 sales $7-8 million
1 sale for $8,850,000
1 sale for $11,500,000
 
*Increase of $1-2 million range up by 16 compared to March 2014.
**Pamela and Amanda sold 2 homes in Laguna Beach in March.
***Source CRMLS 4/30/14

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COASTAL ZIP CODES BY MEDIAN SALE PRICES FOR APRIL 2013 COMPARED TO APRIL 2014:

CITY - ZIP - # OF SALES - MEDIAN SALE PRICE - % CHANGE
Balboa Island - 92662 - 3N/A - N/A - N/A
Newport Beach - 92663 - 12 - $1,590,000 - 2.6%
Capo Beach - 92624 - 7 - $740,000 - 48%
Corona del Mar - 92625 - 15 - $2,000,000 - minus 4.8%
Costa Mesa - 92626 - 28- $601,000 - 7.4%
Costa Mesa - 92627 - 28 - $708,000 - 6.4%
Dana Point - 92629 - 32 - $1,975,000 - 23.4%
Laguna Beach - 92651 - 24 - $1,865,000 - 45.7%
Laguna Niguel - 92677 - 26 - $1,788,000 - 7.6%
Newport Beach - 92660 - 26 - $1,788,000 - 38.3%
Newport Beach - 92661 - 6 - $2,065,000 - 20.9%
Newport Coast - 92657 - 16 - $3,150,000 - minus 17%
San Clemente - 92672 - 22 - $818,000 - 24%
San Clemente - 92673 - 22 - $828,000 - 24%
 
*Source DQNews/LATimes 4/28/14

 

Just Listed: Click to View 151 Rockledge Dr, Laguna Beach

MARCH 2014 SOUTH ORANGE COUNTY REAL ESTATE NEWS

Winter Sunset from Montage Resort
by Gregory Schaeffer

Southland Home Sales Drop in January; Price Picture Mixed

SoCal logged its lowest January home sales in three years as buyers continued to wrestle with a tight inventory of homes for sale, a fussy mortgage market and the highest prices in years. The median price paid for a home dipped from December – a normal seasonal decline – but remained 18% higher than January last year.

The Economy: Is growing, but Southland home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average. Why? We’re still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices matter, too.

Pent Up Demand, Inventory: Two of the bigger questions hanging over the housing market right now is, “How much pent-up demand is left out there? And  will inventory skyrocket this year as more owners take advantage of the price run-ups? Unfortunately, we’ll probably have to wait until spring for the answers. When it comes to statistical trends, January and February are atypical months that haven’t proven to be predictive over the years.

Upper End of the Market: The number of homes sold in many middle and up-market areas continued to rise on a year-over-year basis last month, while more affordable markets generally saw less activity than a year earlier.

*Source DQNews 2/14/14

Trending:

Sales Volume is down to 2,105 versus 2,252 a year ago

Average Home Payment is $2,593.68

Inventory is up 5,283 up from 5,087 just one month ago

Mortgage Defaults 378, down 14.9% versus one month ago

Foreclosures 73, down 36.5% versus one month ago

Average Days on Market 2.22 months (64 days)


*Updated 3/17/14

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FEBRUALY 2014 SALES STATISTICS FOR LAGUNA BEACH:

193 active listings
30 in escrow
24 closed sales from 2/01/14 - 28/14

24 closed sale statistics:
5 sales under $1 million
6 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $4-5 million

1 sale $5,00o,000
1 sale $8,500,000

 *Source CRMLS updated 3/17/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2013 COMPARED TO JANUARY 2014:

Balboa Island - 92662 - 2 - $1,950,000 – 18.2%
Capo Beach - 92624 - 6 - $744,000 – 11.8%
Corona del Mar - 92625 - 7 - $2,563,000 – 57.7%
Costa Mesa - 92626 - 15- $680,000 – 25.5%
Costa Mesa - 92627 - 15 - $785,000 – 58.6%
Dana Point - 92629 - 14- $788,000 – 5%
Laguna Beach - 92651 - 20 - $1,400,000 – minus 3.9%
Laguna Niguel - 92677 - 33 - $790,000 – 14.4%
Newport Beach - 92660 - 20 - $1,705,000 – 24.1%
Newport Beach – 92661 – 2 - $2,003,000 – 33.9%

Newport Beach – 92663 – 11 - $1,385,000 – minus 12.6%

Newport Coast – 92657 – 9 - $3,880,000 – 89.3%

San Clemente – 92672 – 25 - $730,000 – 12.1%

San Clemente – 92673 – 26 - $793,000 – 8.6%

*Source DQNews/LATimes 2/28/14

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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

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Sold by Pamela and Amanda
Oak St, Laguna Beach

 

CC: 12/31/13