AUGUST 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS



Southland Homes Sales Slow Down;

Price Gains Throttle Back

Sales Pace: Southern California homes sold at the slowest pace for a June in three years as investor purchases fell again and other would-be buyers continued to struggle with inventory and affordability constraints.

Home Prices: Finally increasing at a healthier pace than two years suggests that prices are stabilizing.

Interest Rates: Lower interest rates and stabilizing home prices combined to boost home sales in June. June sales increased 1.5% but were down 4.8% compared to June 2013. 

Foreclosures: Were at a low not seen since late 2005, when the market was almost at its peak, the decline started in July 2006.  Less foreclosures is the result of a stronger economy and higher home values.

Short sales: Where the sale price fell short of what was owed on the property - made up an estimated 5.8% of the state's resale market last quarter. This is down from 13.7% a year earlier.

*DQNews 7/28/14

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JULY 2014 SALES STATISTICS FOR LAGUNA BEACH:

248 active listings
56 in escrow
39 closed sales from 6/01/14 - 6/30/14

39 Sales for July 2014:  6 sales under $1 million
15 sales $1-2 million
8 sales $2-3 million
6 sales $3-4 million
2 sales $4-5 million

1 sale $5,650,000
1 sale $6,675,000

*Increases in all 3 categories up from June 2014
 *Source CRMLS 7/31/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2013 COMPARED TO JUNE 2014:

Balboa Island - 92662 - 1 - $1,800,000 – minus 18.2%
Capo Beach - 92624 - 9 - $735,000 – minus 5.2%
Corona del Mar - 92625 - 15 - $1,804,000 – minus 7.5%
Costa Mesa - 92626 - 32- $6500,000 – 6.5%
Costa Mesa - 92627 - 25 - $740,000 – 15.5%
Dana Point - 92629 - 23- $8000,000 – 1%
Laguna Beach - 92651 - 43 - $1,555,000 – 1.8%
Laguna Niguel - 92677 - 61 - $776,000 – minus 6.6%
Newport Beach - 92660 - 46 - $1,433,000 – minus 14%
Newport Beach – 92661 – 5 - $1,250,000 – minus 30.6%
Newport Beach – 92663 – 16 - $1,793,000 – 16.4%
Newport Coast – 92657 – 7 - $4,248,000 – 47.9%
San Clemente – 92672 – 29 - $765,000 – minus 10.5%
San Clemente – 92673 – 36 - $793,000 – 8.6%

*Half of the zip codes reported as median price less than in July 2013.

*Source DQNews/LATimes 7/28/14

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JULY 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

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INCREASING SALES IN LOW END MARKET MAY BE A TREND TOWARD A MORE ROBUST MARKET

In Laguna Beach there has been a large increase of number of sales of homes and condos under $1 million. Especially with prior hard to sell condo sales increasing, this is an indication that the market is picking up. Compared to May in June there were properties listed, in escrow doubled compared and closed sales total 4 more than in June.

Home prices grew again in May by 4.9%:
Reaching their highest monthly rate since August 2011, but not at the frenzied pace seen last spring. The lack of urgency on the buyers’ part have been seen to be increasing in the coming months of summer.  Sales are still down but mostly because there are fewer foreclosures to buy. More home sellers are testing the market. And bidding wars are returning to the under $1 million priced properties.

Rising prices have rescued many homeowners:  1 in 10 homeowners owed more than their homes were worth during the first three months of the year, down from 1 in 3 at the peak of the housing crisis 4.5 years ago.
 
 For Sale By Owner: “FSBO” properties are being sold for 15% to 20% below market value because the property never had the opportunity to be properly marketed.

Home Sales Nationwide For May 2014 

Prices

Resale Homes          up 8.3%
New Homes             up 16.5%
Resale Condos         up 11.0%

Sales Volume

Resale Homes          down 21.0%
Resale Condos         down 22.4%
New Homes              up 18.1%

Sales Volume Trend: 2,981 homes sold is down from 3,648 a year ago.

*Sources LATimes, OCRegister, CAR

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JUNE 2014 SALES STATISTICS FOR LAGUNA BEACH:

233 active listings
62 in escrow
35 closed sales from 6/01/14 - 6/30/14

35 Sales for June 2014:
8 sales under $1 million
18 sales $1-2 million
1 sale for $2,900,000

5 sales $3-4 million
1 sale $4,000,000
1 sale $5,675,000
1 sale for $23,000,000

*Compared to May inventory increased slightly, in escrow doubled, sold 4 more.
**Source CRMLS 6/30/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2014 COMPARED TO MAY 2013:
City - Zip - # Sold - Median Sale Price - Percent Change

Balboa Island - 92662 - 3 - $2,300,000 – 76.2%
Capo Beach - 92624 - 8 - $802,000 –  minus 44.7%
Corona del Mar - 92625 - 17 - $2,300,000 – 13.6%
Costa Mesa - 92626 - 32- $615,000 – 2.4%
Costa Mesa - 92627 - 34 - $863,000 – 32.7%
Dana Point - 92629 - 20 - $938,000 – 5%
Laguna Beach - 92651 - 34 - $2,050,000 – minus 32.3%
Laguna Niguel - 92677 - 67 - $860,000 – 17.8%
Newport Beach - 92660 - 30 - $1,673,000 – 10.2%
Newport Beach – 92661 – 6 - $3,050,000 – 33.9%

Newport Beach – 92663 – 11 - $1,385,000 – minus 10.9%
Newport Coast – 92657 – 20 - $2,036,000 – 57.4%
San Clemente – 92672 – 30 - $853,000 – 11.1%
San Clemente – 92673 – 24 - $1,052,000 – 54.7%

**Most zip codes had increases in # of sales and sale prices.

*Source DQNews/LATimes 6/28/14

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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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