JANUARY 2015 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

  

Check Out Our Oceanfront Listing 
Click to view 16531 S Pacific Ave, Sunset Beach

 

Prediction for 2015 - Biggest Year for Home Sales Since 2007

Freddie Mac (Federal Home Loan Mortgage Corporation) has predicted that 2015 will see the highest level of home sales in the U.S. since 2007. This prediction is based on five key consensus predictions for 2014, how they fared, and how they will affect housing and the economy next year. In addition to home sales, the four other areas examined were mortgage originations, home values, rental market, and mortgage rates.

In 2014, home value gains grew at a rate of 4.5 percent, and in 2015, they are expected to increase by 3.0 percent. Rental vacancies fell to their lowest level since 2000 in the last year, and 30-year fixed mortgage rates are expected to average 4.4 percent in 2015 after hovering just below 4 percent in December. 

Low oil prices have been a boon for businesses and consumers alike. Economic growth has picked up over the final nine months of 2014. It is expected the housing market will continue to strengthen with home sales and rental markets continuing to display low vacancy rates and the highest level of new apartment completions in 25 years.

What Is Your Home Worth?
Homeowners on average underestimate the value of their homes 1.6% compared with appraisers' valuations. At the peak of the market in 2005 and 2006, appraisals often came in below owners' estimates, in part because prices were spiraling upward at double-digit rates in overheated markets. In the recession years following the bust, the gap between what owners believed their homes to be worth and appraisers' valuations gradually narrowed. More recently, the trend has shifted to slight underestimates by owners.

Why are owners a little behind on pricing? This is attributed it in part to the fact that owners tend to lag behind market trends. Appraisers are looking at the market all the time, and owners, especially those who are seeking to refinance, are not as likely to stay on top of month-to-month changes.

*Source: CAR 12/22/14
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DECEMBER 2014 SALES STATISTICS FOR LAGUNA BEACH: 

159 active listings
40 in escrow
31 closed sales from 12/01/14 - 12/31/14

31 Sales for December 2014:
4 sales under $1 million
14 sales $1-2 million
10 sales $2-4 million
1 sale for $4,050,000

1 sale for $5,700,000

1 sale for $9,500,000

*Source CRMLS 12/31/14

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MEDIAN SALES PRICE FOR COASTAL ZIP CODES FOR DECEMBER 2014 COMPARED TO DECEMBER 2013
 

Balboa Island - 92662 - 0 - n/a – n/a

Capistrano Beach - 92624 - 6 - $787,000 : 14.8%
Corona del Mar - 92625 - 9 - $1,600,000 : -27.3%
Costa Mesa - 92626 - 34 - $648,000 : 14.7%
Costa Mesa - 92627 - 20 - $775,000 : 15.4%
Dana Point - 92629 - 16- $847,000 : 4.8%
Laguna Beach - 92651 - 33 - $1,565,000 : 14.1%
Laguna Niguel - 92677 - 51 - $820,000 : 16.3%
Newport Beach - 92660 - 33 - $1,585,000 : -7.9%
Newport Beach - 92661 - 4 - $1,680,000 : -43.1%
Newport Beach - 92663 - 9 - $1,827,000 : 38.9%
Newport Coast - 92657 - 9 - $2,160,000 : -32.0%
San Clemente - 92672 - 28 - $777,000 : -12.2%
San Clemente - 92673 - 9 - $853,000 : 6.6%

*Source DQNews/LATimes 12/26/14

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Nominees Orange County Business Journal Women of the Year!

DECEMBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

Holiday Time Brings Nighttime Traffic To Downtown Laguna Beach

The Southland Housing Market Mellows As Sales Fall, Price Growth Slow

After a torrid rebound in 2013, the housing market has mellowed. Families have struggled to afford higher prices and many investors have left the market, no longer seeing a bargain.

Most economists, however, say the slower pace is a good thing. It may give families a chance to catch up, after home prices rose far faster than incomes in recent years.

It’s important for things to cool off a bit in the housing market, because too-fast appreciation risks burning both buyers and sellers. This slowdown is a critical step on the road back to a normal housing market.

Economic Growth Strongest In A Decade: Gross domestic production rose making the last six-month stretch the best since 2003. Greater consumer spending and business investments contributed to the better than expected economic growth.

Conforming Loan Rates: Federal Housing Finance Agency announced conforming loan limits will remain untouched throughout most of the country for 2015. The maximum limit for mortgages acquired by Fannie Mae and Freddie Mac will stay at $417,000 for single-unit properties in most of the country, with a maximum of $625,500 for certain high-cost areas.

Foreclosure Timelines in CA/NV: Residential foreclosure timelines for residential mortgages backed by properties in California and Nevada will remain lengthy over the next year until gradually starting to decline in early 2016, due mainly by these being non-judicial foreclosure states.

*LATMES/CAR/FHFA 11/25/14

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November 2014 Sales Statistics For Laguna Beach

218 active listings
50 In escrow
36 Closed Sales from 11/01/14 - 11/30/14

36 Sales for November 2014:
 6 sales under $1 million
17 sales $1-2 million
10 sales $2-3 million
 2 sales $3-4 million
 1 sale $6,400,000

*CRMLS 11/31/14

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Sales by Coastal Zip Codes - Median Sale Price for November 2014 Compared to November 2013

Balboa Island - 92662 - 2 - $2,550,000 - 99.6%
Capistrano Beach - 92624 - 2 - $725,000 – minus 3.8%
Corona del Mar - 92625 - 10 - $1,828,000 – 3.8%
Costa Mesa - 92626 - 34- $677,000 – 7.6%
Costa Mesa - 92627 - 25 - $710,000 – 2.3%
Dana Point - 92629 - 340- $1,023,000 – minus 6.6%
Laguna Beach - 92651 - 40 - $1,808,000 – minus 15.7%
Laguna Niguel - 92677 - 49 - $777,000 – minus 6.9%
Newport Beach - 92660 - 35 - $1,550,000 – minus 1.6%
Newport Beach – 92661 – 2 - $3,3268,000 – 29.4%
Newport Beach – 92663 – 135 - $2,165,000 – minus 1.6%
Newport Coast – 92657 – 13 - $3,268,000 – 29.4%
San Clemente – 92672 – 32 - $785,000 – 12.1%
San Clemente – 92673 – 39 - $875,000 – 12.6%

*DQNews 11/25/14

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Just Listed - Cape Code Oceanfront, On The Sand

Click to View Virtual Tour of 16531 S Pacific Ave, Sunset Beach

  

NOVEMBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

                                                                           

Tick Tock...Daylight Savings Time Ends Nov. 2
 Set Your Clocks Back Unless You Live in Arizona or Hawaii

CALIFORNIA HOME SALES TO INCREASE SLIGHTLY, WHILE HOME PRICES POST SLOWEST GAIN IN FOUR YEARS

With the U.S. economy expected to grow more robustly than it has in the past five years
and housing inventory continuing to improve, California housing sales and prices will see
a modest upward trend in 2015.

Housing Forecast: With more available homes on the market for sale, California’s housing
market will see fewer investors and a return to traditional home buyers as home sales rise
modestly and prices flatten out in 2015. Expected is an increase in existing home sales of
5.8%. Sales in 2014 will be down 8.2% from single-family homes sold in 2013.

Interest Rates: Minimal impact is expected with interest rates only inching up slightly and remaining low throughout 2015. This should help moderate the decline in housing affordability that occurred over the past two years.

Lending Guidelines: Stringent underwriting guidelines and double-digit home price increases over the past two years have significantly impacted housing affordability in California, forcing some buyers to delay their home purchase. However, next year, home price gains will slow, allowing would-be buyers who have been saving for a down payment to be in a better financial position to make a home purchase.”

Down Payment Amount: Buyers should know that it's a misperception that a 20% down payment is always required to buy a home. There are numerous programs available that allow consumers to buy a home with less down payment, including FHA loans, which lets buyers put down as little as 3.5 percent.

*10/07/14 CAR


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OCTOBER 2014 SALES STATISTICS FOR LAGUNA BEACH

218 active listings
50 In escrow
Closed Sales 41 from 10/01/14 - 10/31/14

41 Sales for October 2014:
6 sales under $1 million
19 sales $1-2 million
8 sales $2-3 million
1 sale $3,070,000
3 sales $4-5 million
1 sale $5,820,000
1 sale $6,386,250
1 sale $7,600,000
1 sale $10,000,000

*CRMLS 10/31/14

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COASTAL ZIP CODES BY MEDIAN SALE PRICE FOR SEPTEMBER 2014 COMPARED TO SEPTEMBER 2013

Balboa Island - 92662 - 1 - $2,650,000 – 32.5%

Capistrano Beach - 92624 - 5 - $1,699,000 – 149.9%

Corona del Mar - 92625 - 18 - $1,773,000 – minus 22.8%

Costa Mesa - 92626 - 26- $646,000 – 3.4%

Costa Mesa - 92627 - 26 - $738,000 – 18%

Dana Point - 92629 - 34 - $850,000 – minus 6.6%

Laguna Beach - 92651 - 42 - $2,015,000 – 20.8%

Laguna Niguel - 92677 - 68 - $825,000 – 9.3%

Newport Beach - 92660 - 30 - $1,460,000 – minus 10.8%

Newport Beach – 92661 – 3 - $1,925,000 – minus 33.1%

Newport Beach – 92663 – 15 - $2,165,000 – minus 1.6%

Newport Coast – 92657 – 12 - $4,450,000 – 52.8%

San Clemente – 92672 – 38 - $753,000 – minus 5.3%

San Clemente – 92673 – 36 - $820,000 – minus 10.9%

*Median price for Capistrano Beach over $1M for first time and half of the cities posting minus median prices.
**Source DQNews/LATimes 10/26/14

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Just Listed - Great Ocean View Condo
In Laguna Beach

                                                  
Click to view: 21711 Wesley Dr D


OCTOBER 2014 COASTAL SOUTH ORANGE COUNTY REAL ESTATE NEWS

Play Golf with Some Interesting Visitors at the
83-Acre Ranch at Laguna Beach Golf Course and Inn



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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Just Listed: Designer Perfect Village Home
 Click to View 820 Park Ave, Laguna Beach

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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