OCTOBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

Play Golf with Some Interesting Visitors at the
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HOME PRICES UP WITH FEWER SALES

 

In Los Angeles and Orange County local house prices are up 40% from the May 2009 the home-price bottom. But these numbers are still 18% below the September 2006 peak. SoCal is reliving an extended period of sales declines, BUT prices keep going up. Home prices continued their two-year rise through May, but at a much slower pace.

 

Higher End Market: More homes are selling for $1 million plus, these sales are up by 11.5%.

 

Countries Buyers Come From To Buy U.S. Homes:

China                                     $22 billion                24% share

Canada                                  $13.8 billion             15% share

India                                      $5.8 Billion               6% share

United Kingdom                 $4.5 billion                5% share

 

Where Do The Chinese Buy Homes: 

California                              35%

Washington                          9%

New York                               7%

Pennsylvania                        6%

Texas                                      6%

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SEPTEMBER 2014 SALES STATISTICS FOR LAGUNA BEACH
235 active listings
65 in escrow
32 closed sales from 9/01/14 - 9/30/14

32 Sales for September 2014:
3 sales under $1 million
13 sales $1-2 million
8 sales $2-3 million

3 sales $3-4 million
1 sale $5,350,000
1 sale $8,750,000
1 sale $10,200,000
1 sale for $15,075,000

*CRMLS 9/30/14
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2013 COMPARED TO AUGUST 2014

Balboa Island - 92662 - 1 - $2,330,000 – minus 72.2%
Capo Beach - 92624 - 4 - $715,000 – minus 39.9%
Corona del Mar - 92625 - 22 - $2,000,000 – minus 8.5%

Costa Mesa - 92626 - 30- $627,000 – 3%
Costa Mesa - 92627 - 34 - $715,000 – minus 1.9%
Dana Point - 92629 - 268 - $961,000 – 9.9%
Laguna Beach - 92651 - 32 - $2,048,000 – 3.1%
Laguna Niguel - 92677 - 626 - $789,000 – .4%
Newport Beach - 92660 - 36 - $1,680,000 – 6.8%
Newport Beach – 92661 – 11 - $2,075,000 – 23.5%
Newport Beach – 92663 – 14 - $2,013,000 – 43.8%
Newport Coast – 92657 – 14 - $2,450,000 – 2.1%
San Clemente – 92672 – 28 - $770,000 – minus 6.7%
San Clemente – 92673 – 39 - $859,000 – minus 2.4%

**Laguna Beach median sale price $2M+ for the first time.
*Source DQNews/LATimes 9/28/14

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SEPTEMBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS



Sunrise Wednesday morning as the big surf begins to roll in from Main Beach to Seal Rock ...
© Mitch Ridder Photography - All Rights Reserved 2014

CALIFORNIA HOME SALES AND PRICES IMPROVE IN JULY

California home sales posted higher for the second straight month. Home prices rose over sales of June 2014 and also were higher than a year ago. Although, the pace of appreciation continued to slow.

Pending Home Sales: Properties in escrow rose 3.3% last month after slipping 1.25% in June. The index, which tracks contracts signed for previously owned homes, hasn’t been higher since August 2013. The increase from June, which beat expectations of a 0.5% rise, provides another indication that the housing market is strengthening after starting to cool last summer.

Investors: With home prices on the rise, more investors are flipping properties instead of renting them.  In 2014, 28% of investors flipped the property, up from 20% last year. 58% of investors rented their properties in 2014, down from 73% in 2013.  

Mortgage Rates Stay Low: The 30-year, fixed-rate mortgage averaged 4.10% for the week ended Aug. 28, unchanged from a week ago, but down from 4.51% last year, according to Freddie Mac’s Primary Mortgage Market Survey.

Equity Lines: Equity lines of credit are booming. Dollar volume of new loans are highest in areas with the most expensive housing; along the West Coast and Northeast. In CA nearly $6 billion in equity lines were originated in the last 12 month. This rapid increase is the direct result of the gains in home prices along with low interest rates of 3-4%. Key questions: Is this a boom or a bubble? A good thing or an omen? Stay tuned.

*CAR 8/30/14/LATimes 8/31/14

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AUGUST 2014 SALES STATISTICS FOR LAGUNA BEACH

260 active listings 55 in escrow
34 closed sales from 8/01/14 - 8/31/14

34 Sales for August 2014:
9 sales under $1 million
10 sales $1-2 million
7 sales $2-3 million

4 sales $3-4 million
1 sale $4,030,000
1 sale $6,700,000
1 sale $8,200,000
1 sale for $10,200,000

*CRMLS 8/31/14

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2013 COMPARED TO JULY 2014

Balboa Island - 92662 - 1 - $860,000 – minus 42.3%
Capo Beach - 92624 - 11 - $825,000 – minus 13.5%
Corona del Mar - 92625 - 14 - $1,605,000 – minus 30.5%

Costa Mesa - 92626 - 28- $687,000 – 14.5%
Costa Mesa - 92627 - 28 - $855,000 – 14.5%
Dana Point - 92629 - 26- $667,000 – minus 4.6%
Laguna Beach - 92651 - 39 - $1,955,000 – 8%
Laguna Niguel - 92677 - 56 - $835,000 – 2%
Newport Beach - 92660 - 52 - $1,600,000 – 3.9%
Newport Beach – 92661 – 7 - $1,800,000 – minus 26.5%
Newport Beach – 92663 – 21 - $2,275,000 – 70.1%
Newport Coast – 92657 – 21 - $2,700,000 – minus .6%
San Clemente – 92672 – 38 - $728,000 – 9.7%
San Clemente – 92673 – 35 - $860,000 – 5.5%

*Source DQNews/LATimes 8/10/14
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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

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