SEPTEMBER 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Nights Are Beautiful in Laguna Beach
 

SOUTHLAND HOME SALES UP AGAIN FROM 2011; MEDIAN PRICE NEARS A 4-YEAR HIGH
Home sales rose last year for the 7th month in July along with declines in distress sales. Increased activity in move-up and high-end submarkets also contributed to the significant increase in sales that are at a 4-year high. This is an increase in sales and a decrease in inventory not seen since 2005. For local area sales statistics see the prices by zip code in this article.

Greater demand, partially triggered by historically low mortgage rates, and a thinner inventory of homes for sale help explain recent gains in the median price. The increases also stem from a sharp drop in foreclosure resale properties which often sell at a steeply discounted price.

Commercial Real Estate: Sharply higher demand for rental units is causing rents to rise at faster rates. A return to normal household formation will mean even lower vacancy rates and higher rents in the future. The difficulty small businesses have in getting commercial real estate loans for leasing or purchase is keeping a lid on demand for commercial properties.

AUGUST STATISTICS FOR LAGUNA BEACH: 222 homes for sale
77 in escrow
40 closed sales from 8/1/12 - 8/31/12

33 Sales Ranges for August 2012:
9 sales under $1 million
13 sales $1-2 million*
5 sales $2-3 million
3 sales $3-4 million
3 sales $6-7 million

*Under $1million reduced sales.
*SoCalMLS, DQNews 8/31/12
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COASTAL AREA SALE AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 1,414 Distressed = 90
In Escrow Listings = 997 Distressed = 463
Sold from 01/01/12 = 3,527 Distressed = 1008

*SoCalMLS 08/31/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2011 COMPARED TO JULY 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,395,000 - minus 54.4%
Capo Beach - 92624 - 7 - $722,000 - 14.6%
Corona del Mar - 92625 - 19 - $1,750,000 - 42.9%
Costa Mesa - 92626 - 29 - $488,000 - minus%
Costa Mesa - 92627 - 24 - $613,000 - 19.6%
Dana Point - 92629 - 31 - $700,000 - 7.7%
Laguna Beach - 92651 - 40 - $1,375,000 - minus 5.7%
Laguna Niguel - 92677 - 75 - $640,000 - minus 7.9%
Newport Beach - 92660 - 47 - $1,242,000 - minus 6.6%
Newport Beach - 92661- 15 - $1,455,000 - 16%
Newport Beach - 92663 - 21 - $1,250,000 - 1.6%
Newport Coast - 92657 - 13 - $1,580,000 - minus 8.1%
San Clemente - 92672 - 30 - $561,000 - minus 5.3%
San Clemente - 92673 - 45 - $720,000 - 0.0%

*DataQuickNews 08/31/2012
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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!

                                                            Visit HortonsInLaguna.com

AUGUST 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Laguna Sunset
Photo by Scott Brashier



SHRINKING INVENTORY UPENDS HOME MARKET

Many home shoppers assume they are still in a buyers' market find that reality is inventory is shrinking. The supply of homes for sale has fallen. This is having an important side effect by raising prices.

WHAT BUYERS ARE DOING:
Finding themselves often a multiple offer situation buyers are inserting price escalation clauses in their counter offers. Often they are waiving financing contingencies, home inspections and agreeing to raise their down payment.

BEHIND THE INVENTORY DECLINE:
Negative equity plays a large role. Sellers don't want to take a big loss in a slowly improving price environment. So they sit tight rather than list.

WHAT LENDERS ARE DOING: Banks with large stocks of pre-foreclosure and foreclosed properties are doing the same, holding homes off the market. This is creating a "shadow inventory" of estimated 1.5 million unsold homes.

JULY STATISTICS FOR LAGUNA BEACH:
222 homes for sale
77 in escrow
40 closed sales from 7/1/12 - 7/31/12

40 Sale Ranges for July 2012:
13 sales under $1 million
12 sales $1-2 million*
8 sales $2-3 million
2 sales $3-4 million
2 sales $6-7 million
2 sales $8-9 million
1 sale for $16,000,000

*$2-3M range picks up more sales.
*SoCalMLS, DQNews 7/31/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:

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

Active Listings = 1,491 Distressed = 108
In Escrow Listings = 1,090 Distressed = 493
Sold from 01/01/12 = 2,977 Distressed = 880

*SoCalMLS 07/31/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2011 COMPARED TO JUNE 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,585,000 - minus 41.3%
Capo Beach - 92624 - 11 - $625,000 - 5.4%
Corona del Mar - 92625 - 24 - $1,675,000 minus 11.7%
Costa Mesa - 92626 - 31 - $520,000 - 10.1%
Costa Mesa - 92627 - 22 - $540,000 - 8.0%
Dana Point - 92629 - 27 - $746,000 - 10.8%
Laguna Beach - 92651 - 43 - $1,400,000 - 3.7%
Laguna Niguel - 92677 - 62 - $608,000 - minus 9.9%
Newport Beach - 92660 - 54 - $1,300,000 - 13.0%
Newport Beach - 92661- 3 - $1,600,000 - minus 51.6%
Newport Beach - 92663 - 27 - $1,143,000 - minus 12.1%
Newport Coast - 92657 - 20 - $1,839,000 - minus 37.2%
San Clemente - 92672 -44 - $595,000 - 6.7%
San Clemente - 92673 - 43 - $700,000 - 2.9%

*DataQuickNews 07/31/2012
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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 or click link to search for properties for sale.

www.HortonsInLaguna.com

JULY 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Oak Street Surf, Laguna Beach, CA

COASTAL HOME SALES LEADING THE MARKET TO RECOVERY

Coastal property sales lead the housing market in its continued long, step-by-tiny-step trek back toward normalcy in May. The median sale prices rose year-over-year for the second consecutive month for a 20-month high.


Home sales increased across the region but the gains were highest in coastal areas where move-up markets have picked up steam.


Loans: Credit remains tight with loan terms very stringent. The share of purchase loans that are in the "jumbo" category (over $417,000) edged higher as adjustable rate loans lowered. Investor and cash-only home purchases remain near record levels.


More Good News:
ORANGE COUNTY REGISTER 6/17/2012 Jonathan Lansner


"SELLERS RAISE PRICES AT TOP END OF LOCAL MARKET" With a tight supply of homes for sale and shoppers actually buying - we were bound to see hints that prices could be rebounding too. Curiously, we're seeing the strength most at the upper end of the market. O.C. sellers of higher-end homes are raising prices to levels not seen in 20 months.


"RENTS HIT 3-YEAR HIGH" O.C. rentals increase an average of $72.00 or 4.7% after 5 straight quarterly raises. Prior inventory shows  94.8% of vacancies have been filled.


JUNE STATISTICS FOR LAGUNA BEACH: 236 homes for sale
72 in escrow
40 closed sales from 6/1/12 - 6/30/12


Sales ranges for June 2012:
14 sales under $1 million
19 sales $1-2 million*
2 sales $2-3 million
2 sales $3-4 million
2 sales $4-5 million
1 sale for $8,100,000


*$1-2M range outsells under $1M for 2nd month.
*SoCalMLS, DQNews 6/30/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:

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

Active Listings = 1,547 Distressed = 138
In Escrow Listings = 1,090 Distressed = 510
Sold from 01/01/11 = 2505 Distressed = 769

*SoCalMLS 06/30/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2011 COMPARED TO MAY 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,813,000 - minus 51.6%
Capo Beach - 92624 - 5- $485,000 - minus 22.7%
Corona del Mar - 92625 - 16 - $1,558,000 minus 19.1%
Costa Mesa - 92626 - 32 - $469,000 - minus 8.1%
Costa Mesa - 92627 -29- $485,000 - 10.4%
Dana Point - 92629 - 23 - $715,000 - 17.2%
Laguna Beach - 92651 - 38 - $1,398,000 - 27.1%
Laguna Niguel - 92677 - 56 - $553,000 - minus 16.8%
Newport Beach - 92660 - 49 - $1,260,000 - 6.1%
Newport Beach - 92661- 4 - $3,613,000 - 157.6%
Newport Beach - 92663 - 14- $1,480,000 - minus 12.7%
Newport Coast - 92657 - 15 - $1,899,000 - minus 12%
San Clemente - 92672 -41 - $635,000 -8.7%
San Clemente - 92673 - 51 - $712,000 - 1.6%

*SoCalMLS 06/30/12

Scan QR code or click link to visit HortonsInLaguna.com

http://www.HortonsInLaguna.com

                                                 

MAY 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Pageant of the Masters: The Genius
From July 7 - August 31

FIRST GAIN FOR CALIFORNIA REAL ESTATE PRICES IN 16 MONTHS

The median price for an existing, single-family home in California rose 1.6% in March compared with the year before, marking 2012 the first year-over-year increase in 16 months. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last few years. Financing with multiple mortgages is very low, and down payment sizes are stable.

Inventory at an unheard of low since 2007. Under 300 properties are listed for sale in Laguna Beach. Sales are increasing with multiple offers not uncommon and some properties selling for over list price. The first quarter of 2012 saw the highest amount of sales since the first quarter of 2006...
90 homes sold in 2012 vs. 83 in 2006.

MORE GOOD NEWS:

NY Times - "THE boom in housing in the middle of the last decade created a huge oversupply of homes in the United States. But now that oversupply appears to be close to vanishing, at least in most parts of the country.”  4/26/12

LA Times - "U.S. home sales are gradually coming back. The last two months made up the best winter for resale homes in 5 years." 4/22/12

Inman News: "Pending sales of existing homes rose to their highest level in nearly two years in March." NAR 4/27/12 **This is true in our coastal cities, see statistics below.

LATimes: "Feds urge lenders for shorter times to close short sales on Federally insured loans." 4/29/12

MAY STATISTICS FOR LAGUNA BEACH:
239 homes for sale
76 in escrow
28 closed sales from 4/1/12 - 4/30/12

Sales ranges for May 2012:
13 sales under $1 million
9 sales $1-2 million
3 sales for $2-3million
1 sale for $3,800,000
1 sale for $4,300,000
1 sale for $6,100,000

*SoCalMLS, DQNews 4/30/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:

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

Active Listings = 1,753 Distressed = 325
In Escrow Listings = 845 Distressed = 508
Sold from 01/01/11 = 222 Distressed = 79

*SoCalMLS 04/30/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2011 COMPARED TO MARCH 2012:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $936,000 - minus 37.6%
Capo Beach - 92624 - 7- $445,000 - minus 18.3%
Corona del Mar - 92625 - 18 - $1,770,000- 5.7%
Costa Mesa - 92626 - 25 - $753,000 - minus 18.3%
Costa Mesa - 92627 -35- $543,000 - 2.4%
Dana Point - 92629 - 27 - $663,000 - 1.9%
Laguna Beach - 92651 - 35 - $1,400,000 - 25%
Laguna Niguel - 92677 -63 - $640,000 - 4.9%
Newport Beach - 92660 - 42 - $1,070,000 - minus 24.5%
Newport Beach - 92661- 3 - $2,700,000 - 94.9%
Newport Beach - 92663 - 11- $939,000 minus 54.6%
Newport Coast - 92657 - 15 - $1,890,000 - minus 29%
San Clemente - 92672 -31 - $455,000 - minus 29.5%
San Clemente - 92673 - 40 - $686,000 - minus 4.1%

*DataQuickNews 03/292012
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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!

Browse Pamela and Amanda’s Pinterest Boards
 http://pinterest.com/hortonsinlaguna

APRIL 2012 SOUTH ORANGE COUNTY REAL ESTATE MARKET CONDITIONS ORANGE COUNTY CA

Laguna Main Beach

SOUTHLAND HOME SALES JUMP IN FEBRUARY, PRICES STILL DOWN

February sales got a big boost from investors and others paying cash for relatively affordable homes accounting to a five-year high. The big picture is that the bottom of the housing market continues to see much of the action, while move-up activity remains sluggish. Financing is still difficult for many and lots of potential move-up buyers and sellers are stuck because they owe more than their homes are worth.

MORE GOOD NEWS:

OC Register - "Homes are flying off the market. The housing inventory is running on empty. The foreclosure and distressed/short sale inventory is at a low not seen since they started flooding the market back in 2007. The last time demand was this hot was in March 2005, at the tail end of the housing bubble." 3/26/12

LA Times - "U.S. home sales are gradually coming back. The last two months made up the best winter for resale homes in 5 years." 3/22/12

LATimes: "The Great Recession is officially over, but for a huge number of Americans, serious debt lives on." 3/25/12

And so it will continue...as the real estate market rises from the ashes while the economics of the country continue to improve. Let's all remember to save some money this time around!

APRIL STATISTICS FOR LAGUNA BEACH:
243 homes for sale
69 in escrow
27 closed sales from 3/1/12 - 3/31/12

Sales ranges for March 2012:
17 sales under $1 million
7 sales $1-2 million
1 sale for $2,350,000
1 sale for $3,200,000
1 sale for $4,150,000

*SoCalMLS, DQNews 3/31/12
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COASTAL AREA SALES AND DISTRESS SALE STATISTICS FOR 2012 FROM 01/01/12:

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

Active Listings = 1,753 Distressed = 325
In Escrow Listings = 845 Distressed = 508
Sold from 01/01/11 = 222 Distressed = 79

*SoCalMLS 03/31/12
---------------------------------------------------------------------

COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2011 COMPARED TO MARCH 2012:

City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,800,000 - 33.6%
Capo Beach - 92624 - 5- $623,000 - 9.2%
Corona del Mar - 92625 - 7 - $2,630,000- 107.5%
Costa Mesa - 92626 - 18 - $453,000 - minus 12.1%
Costa Mesa - 92627 -18- $497,000 - minus 1.6%
Dana Point - 92629 - 14 - $584,000 - minus 38.6%
Laguna Beach - 92651 - 31 - $975,000 - 5.4%
Laguna Niguel - 92677 -43 - $580,000 - minus 1.7%
Newport Beach - 92660 - 22 - $1,220,000 - 1.2%
Newport Beach - 92661- 6 - $3,383,000 - 160.2%
Newport Beach - 92663 - 13- $1,350,000 37.8%
Newport Coast - 92657 - 13 - $2,300,000 - 84.7%
San Clemente - 92672 -23 - $525,000 - 4.0%
San Clemente - 92673 - 27 - $672,000 - 0.3%

*Only 4 minus % changes. DataQuickNews 03/31/12
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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!

HortonsInLaguna.com