OCTOBER 2011 COASTAL REAL ESTATE NEWS FOR ORANGE COUNTY CA



Anita Street Beach Sunset

                                                             

SALES ARE INCREASING, FORECLOSURES FALL

The number of California homes that went into foreclosure fell to a four-year low last quarter, the result of a more stable housing market as well as policy changes in the mortgage servicing industry. Notices of Default are down 17%.

A lot of theories are being floated as to why the numbers are down. Bank policy changes. Legal challenges. Politics. Holding back temporarily so as not to flood the market. The fact of the matter is that no one really knows, outside of lending and servicing industry insiders. One thing is certain: Homeowner distress spreads fastest when home price declines are steepest. And it now appears likely that, barring some some new economic shock, the worst of the price declines may be behind us.

LAGUNA BEACH MARKET: For September 2011 there have been 22 closed sales priced from $497,900 to $4.050,000. In escrow there are 74 properties and active listings are at a low of 309 homes.
*Source: SOCALMLS, DataQuick 9/30/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,332 w/Bank Conditions = 413
In Escrow Listings = 847 w/Bank Conditions = 484
Sold from 01/01/11 = 3,204 w/Bank Conditions = 1074

*SoCalMLS 09/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2011 COMPARED TO AUGUST 2011:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,500,000 - minus 38.7%
Capo Beach - 92624 - 9- $575,000 - 15.7%
Corona del Mar - 92625 - 14 - $1,713,000- minus 22.6%
Costa Mesa - 92626 - 33 - $479,000 - minus 10.0%
Costa Mesa - 92627 -21- $450,000 - minus 13.8%
Dana Point - 92629 - 18 - $640,000 - minus 24.1%
Laguna Beach - 92651 - 18 - $1,023,000 - minus 25.6%
Laguna Niguel - 92677 -59 - $647,000 - minus 2.3%
Newport Beach - 92660 - 35 - $1,250,000 - minus 3.8%
Newport Beach - 92661- 4 - $1,800,000 - minus 39.2%
Newport Beach - 92663 - 10- $1,288,000 - minus 19.5%
Newport Coast - 92657 - 16 - $1,700,000 - minus 2.9%
San Clemente - 92672 - 23- $583,000 - 1.2%
San Clemente - 92673 - 30 - $670,000 - 1.1%

*Not as many minus % compared to last year's average sale prices. DataQuickNews 09/01/2011
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Let's Stay In Touch - Like Us on Facebook: Facebook.com/HortonsInLaguna                                  

SEPTEMBER 2011 COASTAL REAL ESTATE NEWS FOR ORANGE COUNTY CA



Aliso Beach, South Laguna



SOUTHLAND HOUSING MARKET REMAINS WEAK
SoCal home sales fell last month especially for $500,000-plus homes, as the job market sputtered, economic uncertainty intensified and some potential homebuyers got cold feet. Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations.

The median home sale price has declined year-over-year for the past five months. It has been unchanged or lower than a year earlier each month since last December, when it posted a 0.3% annual increase.

SHORT SALES: Where the sale price fell short of what was owed on the property, made up an estimated 17.3% of sales last month. This is down from 19.4% last year and two years ago the estimate was 14.3%.

LOANS: Tight credit conditions continue to hamper sales in mid- to high-end markets that have long relied on adjustable-rate and "jumbo" home loans.

BUYERS: Paying cash accounted for 28.2% of sales. Many who pay cash are absentee buyers, who are mainly investors.

HIGH END HOME SALES: Mid- to high-end activity suggests these neighborhoods now account for a fairly normal level of sales relative to overall activity. Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 37.0% of total sales last month, compared with a 10-year monthly average of 36.9%. Last month's figure was down slightly from a year ago.

LAGUNA BEACH MARKET: For August 2011 currently there are 342 homes for sale, 73 in escrow and 18 closed sales.

*Information sources: DataQuick 8/30/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,452 w/Bank Conditions = 417
In Escrow Listings = 582 w/Bank Conditions = 498
Sold from 01/01/11 = 2,816 w/Bank Conditions = 955

*SoCalMLS 08/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2011 COMPARED TO JULY 2011:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,058,000 - 32.9%
Capo Beach - 92624 - 6- $630,000 - minus 24.3%
Corona del Mar - 92625 - 15 - $1,225,000- minus 22.2%
Costa Mesa - 92626 - 23 - $500,000 - minus 5.7%
Costa Mesa - 92627 -32- $512,000 - 2.4%
Dana Point - 92629 - 24 - $650,000 - minus 13.9%
Laguna Beach - 92651 - 27 - $1,458,000 - 6.0%
Laguna Niguel - 92677 -61 - $695,000 - 12.6%
Newport Beach - 92660 - 30 - $1,330,000 - minus 3.1%
Newport Beach - 92661- 3 - $1,254,000 - minus 14.4%
Newport Beach - 92663 - 12- $1,230,000 - minus 0.9%
Newport Coast - 92657 - 13 - $1,720,000 - 4.9%
San Clemente - 92672 - 20- $630,000 - minus 2.7%
San Clemente - 92673 - 35 - $720,000 - minus 12.0%

*More minus % compared to last year's average sale prices. DataQuickNews 08/30/2011
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

http://www.hortonsinlaguna.com/

AUGUST 2011 COASTAL REAL ESTATE NEWS FOR ORANGE COUNTY CA

                                                                           
SOUTHLAND HOME SALES INCREASE, MEDIAN PRICES HIGHEST THIS YEAR

SoCal home sales last month shot up more than usual from May to the highest level for any month since June 2010, when the market got its last big boost from homebuyer tax credits. Sales of lower-cost homes, driven by investors and first-time buyers, and even high-end sales continued to outshine traditional move-up activity in middle price ranges.

JUNE SALES: On average 6.2% since 1988. June sales have varied from a low of 18,032 in 2008 to a high of 40,156 in 2005. Among all months, June has had the highest number of sales most often - in eight of the past 23 years.

THE MARKET: Remains dysfunctional and lopsided, just somewhat less so than it was a few months or a year ago. The market mix indicates that a lot of potential buyers are either stuck, for lack of equity, or spooked and are waiting things out.

LOANS: Another large, lingering problem is the fussy mortgage market. Qualifying for a mortgage remains difficult for many, and the use of adjustable-rate and "jumbo" home purchase loans remains far below the historical norm.

LAGUNA BEACH MARKET: For July 2011 currently there are 342 homes for sale, 57 in escrow and 28 closed sales.

Sellers remember pricing of homes is important, but equally import is not 'holding out' for a certain price, you do not have this option in a buyers' market. Let your experienced, professional realtor negotiate the best price possible and accept this as the best you can obtain at this time. If you sell your property this year you are one of the lucky sellers!

*Information sources: DataQuick 7/31/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,560 w/Bank Conditions = 434
In Escrow Listings = 832 w/Bank Conditions = 478
Sold from 01/01/11 = 2,476 w/Bank Conditions = 855

*SoCalMLS 07/31/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2011 COMPARED TO JUNE 2011:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $4,400,000 - minus 20.2%
Capo Beach - 92624 - 5- $593,000 - 0.7%
Corona del Mar - 92625 - 14 - $1,897,000- 11.6%
Costa Mesa - 92626 - 24 - $485,000 - minus 8.9%

Costa Mesa - 92627 -33- $505,000 - minus 10.9%
Dana Point - 92629 - 33 - $673,000 - minus 12%
Laguna Beach - 92651 - 28 - $1,350,000 - 4.9%
Laguna Niguel - 92677 -55 - $675,000 - 2%
Newport Beach - 92660 - 36 - $1,150,000 - 3.6%
Newport Beach - 92661- 5 - $3,308,000 - 16.1%
Newport Beach - 92663 - 7 - $1,450,000 - 11.5%
Newport Coast - 92657 - 12 - $2,929,000 - 93%
San Clemente - 92672 - 24- $597,000 - 2.8%
San Clemente - 92673 - 34 - $681,000 - minus 10.6%

*Not as many minus % compared to last year's average sale prices. DataQuickNews 07/31/2011
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673


Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Scan QR Code To Visit Hortons In Laguna Website

JULY 2011 ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

HOME SALES, MEDIAN PRICES DECLINE FROM 2010

SoCal home sales held at a three-year low in May amid a sluggish move-up market. Median sale prices fell year-over-year by the largest amount in 20 months as buyer uncertainty, tight credit and lackluster hiring continued to restrain housing demand. May marked the 11th consecutive month in which sales fell year-over-year.

Home sales may begin to rebound in coming months as pending sales in May that close in June might show an increase of about 15% in June; if all pending sales close.

A year ago sales reached a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales. Key culprits are weak job growth, tight credit and hesitancy among buyers and sellers who question whether this is the best times to make their move.

So here we sit in the market doldrums, two of the more likely sources of fresh wind in the market's sails would be a pickup in hiring or further home price reductions; as prices are likely to increase until short sales and foreclosures lessen considerably.

Laguna Beach Market: Currently there are 345 homes for sale, 74 in escrow and 17 closed in May 2011. As noted above pricing of homes is important to reflect to buyers that a seller expects to sell and will negotiate accordingly.

"As Is" sales are common as prices are rock bottom for most sellers with some even needing to bring money to
pay-off escrow costs.

*Information sources: DataQuick 6/30/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,585 w/Bank Conditions = 484
In Escrow Listings = 575 w/Bank Conditions = 508
Sold from 01/01/11 = 1,998 w/Bank Conditions = 698

*SoCalMLS 06/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2011 COMPARED TO MAY 2011:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $3,748,000 - 95.4%
Capo Beach - 92624 - 4- $628,000 - 13.6%
Corona del Mar - 92625 - 18 - $1,790,000- minus 3.2%%
Costa Mesa - 92626 - 26 - $518,000 - minus 1.4%
Costa Mesa - 92627 -27 - $440,000 - minus 5.4%
Dana Point - 92629 - 22 - $610,000 - minus 17%
Laguna Beach - 92651 - 18 - $1,100,000 - 12.2%
Laguna Niguel - 92677 -54 - $665,000 - 4.7%
Newport Beach - 92660 - 43 - $1,188,000 - 17.6%
Newport Beach - 92661- 3 - $1,403,000 - minus 13.4%
Newport Beach - 92663 - 14 - $1,740,000 - 6.6%
Newport Coast - 92657 - 16 - $2,158,000 - minus 6.2%
San Clemente - 92672 - 21- $650,000 - 7.9%
San Clemente - 92673 - 42 - $701,000 - 7.0%

*DataQuickNews/LATimes, 06/30/2011

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JUNE 2011 ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

SOUTHLAND HOME SALES FALL, PRICES FLAT TO DOWN

THE HOUSING MARKET - Sales have been far below average for quite a while and there's little doubt that there is buyer pent-up demand to purchase. But too many people still aren't in the mood or in a position to buy. They might be concerned about prices falling more, or can't qualify for a loan. They might owe more on their homes than they're worth and can't move up. Others were foreclosed on in recent years and can't re-enter the market yet.
The prospect of a near-term resurgence in the SoCal housing market continued to wither as home sales fell to the lowest level for an April in three years. Prices are down slightly as credit remains tight and distress sales and investor activity continues to dominate the market. Sellers, when you receive an offer on your property we will negotiate the best price possible and you should take that offer. Too often sellers wait for a better offer and find their property lowering in price as the months go by. As professionals, we have seen too many sellers holding out for more only to find they sell for less in the end.
The market's in a rut at a time it would normally be building momentum. Two of the more likely forces that could get it going again are more robust job growth and home price reductions. At the moment, the latter appears to be the more likely short-term catalyst

LOANS - Last month adjustable-rate mortgages (ARMs) accounted for 8.2% of all Southland purchase loans, up from 7.9% in March and 5.8% a year ago. While still at a low level, last month's ARM usage was the highest since August 2008. Historically, ARMs are nothing unusual: Over the past 10 years, a monthly average of about 38% of purchase loans were ARMs.

FORECLOSURE SALES - Properties foreclosed on in the prior 12 months made up 33.9% of all Southland resales in April, down from 36.0% in March and 36.4% a year ago. Foreclosure resales hit a high of 56% in February 2009 and a low of 32.8% June 2010.
SHORT SALES - Transactions where the sale price fell short of what had been owed on the property made up an estimated 17.8% of Southland resales last month. That was down from March 2011 and 2010 but up from two years ago.

ABSENTEE BUYERS - Mostly investors and some second-home purchasers bought 25.4% of the Southland homes sold in April. In Laguna Beach the median price was $926,000. Absentee buyers made up 26.2% of sales in March and 22.9% in April 2010. The absentee share of the market peaked this February at 26.4%. Over the last 10 years, absentee buyers purchased a monthly average of 16.4% of homes.

CASH BUYERS - Buyers paying cash accounted for 31.2% of April home sales. Last month's cash buyer level was the same as in March but up from 28.6% a year ago. Cash purchases hit a high of 32.3% of all sales this February, while the 10-year monthly average is 13.5%.

LAGUNA BEACH STATISTICS FOR MAY 2011: Currently there are 358 homes for sale a high number historically, 61 in escrow and 15 closed sales. Of the closed sales 4 were short sale or bank owned properties with an average sale price of $1,000,250. The 11 equity sales had a average sale price of $2,351,772.
*Information sources: DataQuick 5/31/11

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,543, w/Bank Conditions = 501
In Escrow Listings = 595, w/Bank Conditions = 510
Sold from 01/01/11 = 1,648, w/Bank Conditions = 588
*SoCalMLS 05/31/11

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2011 COMPARED TO APRIL 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $2,775,000 - 59%
Capo Beach - 92624 - 4- $414,000 - minus 28%
Corona del Mar - 92625 - 19 - $1,660,000- minus 28%
Costa Mesa - 92626 - 24 - $525,000 - 1%
Costa Mesa - 92627 -21 - $435,000 - minus19%
Dana Point - 92629 - 18 - $675,000 - minus 22%
Laguna Beach - 92651 - 30 - $926,000 - minus 21%
Laguna Niguel - 92677 -47 - $713,000 - 17%
Newport Beach - 92660 - 33 - $1,335,000 - 14%
Newport Beach - 92661- 4 - $4,150,000 - 22%
Newport Beach - 92663 - 10 - $1,024,000 - minus 45%
Newport Coast - 92657 - 10 - $1,780,000 - 4%
San Clemente - 92672 - 24- $633,000 - minus 4%
San Clemente - 92673 - 37 - $709,000 - 8%
*DataQuickNews/LATimes, 05/31/2011

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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County

Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!