MARCH 2013 SOUTH ORANGE COUNTY REAL ESTATE

Pamela and Buyer Viewing the Sunset
Taken by Amanda

Southland Begins 2013 With Sales and Price Gains Vs. Year Earlier

This fledgling housing recovery has momentum. Already, price hikes have caused some to question whether it's sustainable, whether it's a 'bubble.' Let's not forget, though, that we're still climbing out of a deep hole from the housing downturn.

Increased Inventory: For the overall market, price pressures should gradually ease as more homeowners react to rising values. This is the 'supply response' many analysts expect. The idea is that many who've held out for higher prices will be tempted to stick a for-sale sign in the front yard. Fewer will owe more than their homes are worth, enabling them to sell. Construction is already rising, and we could see lenders clear backlogs of distressed properties faster, adding to the supply.

Market Conditions: A lot of today's housing demand is fueled not by spectacular job growth and soaring consumer confidence, but by super-low mortgage rates and unusually high levels of investor and cash purchases. Take away any one of those elements and it will matter.

*DQNews 2/26/13

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FEBRUARY STATISTICS FOR LAGUNA BEACH:
167 active listings
65 in escrow
30 closed sales from 2/01/13 - 2/28/13

30 Sales for February 2013:
7 sales under $1 million
7 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
1 sale $4.600,000
1 sale $7,100,000

*CRMLS 2/28/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2012 COMPARED TO JANUARY 2013:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,850,000 - minus 4.3%
Capo Beach - 92624 - 6 - $665,000 - 72.7%
Corona del Mar - 92625 - 7 - $1,500,000 - minus 14.7%
Costa Mesa - 92626 - 22 - $544,000 - 20.4
Costa Mesa - 92627 - 25 - $506,000 - 18.8%
Dana Point - 92629 - 14 - $738,000 - 11.3%
Laguna Beach - 92651 - 24 - $1,456,000 - 61.8%
Laguna Niguel - 92677 - 38 - $691,000 - 1.6%
Newport Beach - 92660 - 17 - $1,374,000 - 14.8
Newport Beach - 92661 - 6 - $1,495,000 - minus 35%
Newport Beach - 92663- 11 - $1,585,000 - 100.6%
Newport Coast - 92657 - 13 - $1,850,000 - 19.2%
San Clemente - 92672 - 27 - $651,000 - minus 3.6%
San Clemente - 92673 - 23 - $730,000 - 4.4%

*DataQuickNews/LATimes/CRMLS 2/26/13
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FEBRUARY 2013 SOUTH ORANGE COUNTY REAL ESTATE

The Ocean Is Always A Wonderous Site

MILLION DOLLAR SALES INCREASED BY 34%, ALL HOME SALES INCREASE BY 17% IN 2012


3,631 Orange County homes sold for $1 million or more in 2012, the highest number since 2007. That’s up 34% from 2011′s tally of million-plus sales, compared to an increase of 17% for sales of all homes in the county.
 

Statewide, million-plus sales increased 27% to 26,993, vs. an 8.2% increase for sales in all price ranges. A record number of California buyers, 7,791 or 29% — paid all cash for their mansions, Data-Quick reported. In addition, four Orange County ZIP codes ranked among 25 in the state with the most million-plus sales: Newport Beach’s back bay area (92660) had 362 $1 million-plus home sales, the report said. Laguna Beach (92651) had 307, Corona del Mar (92625) had 256 and Newport Coast (92657) had 228.
 

This increase is attributed in luxury sales to a recovering economy, rising home prices and a record number of cash purchases. The confidence in the market has returned to high-end buyers.

 

JANUARY STATISTICS FOR LAGUNA BEACH:
157 active listings
50 in escrow
20 closed sales from 12/01/12 - 12/31/12

20 Sales for January 2013:
7 sales under $1 million
8 sales $1-2 million
2 sales $2-3 million
3 sales $4-5 million

*CRMLS, DQNews 1/31/13

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2011 COMPARED TO DECEMBER 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,665,000 - minus 28.4%
Capo Beach - 92624 - 9 - $649,000 - 27.3%
Corona del Mar - 92625 - 17 - $1,984,000 - 7.2%
Costa Mesa - 92626 - 30 - $505,000 - 7%
Costa Mesa - 92627 - 37 - $513,000 - .5%
Dana Point - 92629 - 58 - $773,000 - 42%
Laguna Beach - 92651 - 40 - $1,350,000 - 5%
Laguna Niguel - 92677 - 64 - $650,000 - 7.2%
Newport Beach - 92660 - 31 - $1,269,000 - 6%
Newport Beach - 92661 - 9 - $2,375,000 - 17.3%
Newport Beach - 92663- 19 - $1,653,000 - 56.6%
Newport Coast - 92657 - 15 - $2,710,000 - 42.5%
San Clemente - 92672 - 40 - $603,000 - 19.4%
San Clemente - 92673 - 42 - $755,000 - 23.7%

*Orange County posted nearly a 17% gain for the last year with sales rising in 77 of the county's 83 zip codes.

*DataQuickNews/LATimes/CRMLS 1/31/13
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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!

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JANUARY 2013 SOUTH ORANGE COUNTY REAL ESTATE MARK...




December Sunset and Basketball at Main Beach
Photo by Leah Overstreet

 

CALIFORNIA MEDIAN HOME PRICE HIGHEST YEAR-TO-YEAR INCREASE SINCE JUNE 2004
                                           WITH INTERST RATES HISTORICLY LOW

As the statewide median price continued to register double-digit gains from year-ago levels, strong sales of higher-priced homes led to a year-over-year increase in sales in California during November. This is due to the very low inventory priced under $1 million. The negative impact of a lean housing supply on home sales is becoming more apparent.

Sale Trends: California's median home prices continued to strengthen in November, marking its highest point since August 2008. The significant increase in price is due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales which led to stronger price gains overall.

Mortgage Interest Deduction: In the new year it is likely that sales and prices will remain solid. This is dependent upon the strength of the economy and if Congress preserves the valuable mortgage interest deduction that homeowners in California depend on.

Interest Rates: One of the key reasons real estate agents and others often cite for buying a home now is that historically low mortgage rates won't last forever. And they're right. On Thursday, Freddie Mac reported rates at 3.99% for just the second time since 1971. Projected interest rates won't get much higher over the next two years: The forecast predicts that rates will average 4% in 2012 and 4.5% in 2013.

2014 and Beyond: Forecasts then project a steep rise in mortgage rates in 2014 with interest averaging 7.3% from 2015 through 2017 and median home prices increasing 35% over the next six years in Orange County and nearly 53% in California.

DECEMBER 2012 STATISTICS FOR LAGUNA BEACH:
173 active listings
52 in escrow
38 closed sales from 12/01/12 - 12/31/12

38 Sales for December 2012:
12 sales under $1 million
12 sales $1-2 million
8 sales $2-3 million
2 sales $3-4 million
1 sale $4,460,000
1 sale $6,200,000
1 sale $14,025,000 (auction - oceanfront)
1 sale $17,500,000
*CRMLS, DQNews 1/01/13
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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 = 1028 Distressed = 56
In Escrow Listings = 908 Distressed = 383
Sold from 01/01/12 = 4,891 Distressed = 1,304

*Distress sale amounts are decreasing.
*CRCalMLS 1/01/13
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MOVEMBER 2011 COMPARED TO NOVEMBER 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,930,000 - 40.9%
Capo Beach - 92624 - 6 - $575,000 - 20.0%
Corona del Mar - 92625 - 14 - $2,145,000 - 26.4%
Costa Mesa - 92626 - 21 - $515,000 - minus 27.8%
Costa Mesa - 92627 - 24 - $660,000 - 50%
Dana Point - 92629 - 29 - $705,000 - 13.3%
Laguna Beach - 92651 - 42 - $1,150,000 - 4.5%
Laguna Niguel - 92677 - 70 - $650,000 - minus 2.6%
Newport Beach - 92660 - 37 - $1,060,000 - minus 4.4%10.1%
Newport Beach - 92661 - 11 - $1,335,000 - minus 6.3%
Newport Beach - 92663- 20 - $1,263,000 - 36.3%
Newport Coast - 92657 - 21 - $2,350,000 - minus 3.19%
San Clemente - 92672 - 32 - $710,000 - 42.9%
San Clemente - 92673 - 29 - $710,000 - 18.3%

*Only 5 zip codes with lower median price year over year. Info DataQuickNews/LATimes/CRMLS 1/01/13
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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!

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

Holiday Greetings from Laguna Beach

 

 

CALIFORNIA REAL ESTATE RECOVERY CONTINUES, SALES JUMP 15.4% AS PRICES INCREASE

Home sales in California jumped 15.4% in October, indicating the state's housing recovery continued into the typically slower fall season. California's housing market has been on an upward swing this year. The recovery stems from more people chasing fewer homes as interest rates remain low and inventory sinks.

76% OF HOMES LISTED SOLD: This the highest proportion of homes selling since June 2005 when it was 88%. The low point was 6% in December 2007. Buyers know that now is a good time to buy and demand will remain strong well into 2013. Housing is back and a full recovery is well under way.

DECREASED INVENTORY: Fewer houses on the market also helped drive price increases. There were 2.14 million existing homes for sale in October, down 1.4% from September. That translates to a 5.4-month supply at the current sales rate, the lowest level since February 2006.

TAX BENEFITS: The uncertainty at year end is whether the current tax seller tax benefits will be rolled over to 2013. Federal capital gains are rising to 20.4% in 2013. The 3.8% tax on incomes over $200,000 will also impact many home sellers; one reason to expect higher than average December escrow closings.

*LATimes/Register 11/19/12

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NOVEMBER STATISTICS FOR LAGUNA BEACH:
174 homes for sale
61 in escrow
33 closed sales from 11/01/12 - 11/30/12

33 Sales for November 2012:
13 sales under $1 million
9 sales $1-2 million
7 sales $2-3 million
4 sales $3-4 million

*SoCalMLS, DQNews 12/01/12
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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 = 1028 Distressed = 56
In Escrow Listings = 908 Distressed = 383
Sold from 01/01/12 = 4,891 Distressed = 1,304

*Distress sale amounts are decreasing.
*SoCalMLS 12/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2011 COMPARED TO OCTOBER 2012:

City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 4 - $1,139,000 - minus 12.5%
Capo Beach - 92624 - 7 - $679,000 - 19.9%
Corona del Mar - 92625 - 20 - $1,350,000 - minus 13.7%
Costa Mesa - 92626 - 38 - $502,000 - minus 27.8%
Costa Mesa - 92627 - 27 - $534,000 - 8.5%
Dana Point - 92629 - 29 - $705,000 - 13.3%
Laguna Beach - 92651 - 29 - $1,100,000 - 13.3%
Laguna Niguel - 92677 - 41 - $698,000 - 8.7%
Newport Beach - 92660 - 37 - $1,060,000 - 10.1%
Newport Beach - 92661 - 8 - $1,400,000 - 59.7%
Newport Beach - 92663- 20 - $1,560,000 - 19.4%
Newport Coast - 92657 - 18 - $3,146,000 - 18.9%
San Clemente - 92672 - 32 - $625,000 - 13.6%
San Clemente - 92673 - 44 - $703,000 - 17.1%

*DataQuickNews 12/01/2012
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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!


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

Laguna Coastline
Scott Brashier



HOME SALE PRICES CLIMB, SALES DECLINE DUE TO LOW INVENTORY
The median price paid for a SoCal rose again in September to a more-than-four-year high yet with inventory low, the amount of sales dropped. For the first time in nine months sales declined compared with a year earlier as low-end home deals have sold and foreclosure resales hit a nearly five-year low.

The median sale price has risen mainly for two reasons.
1. Higher demand, triggered largely by ultra-low mortgage rates.
2. There is now a dwindling supply of homes for sale with the mid- to high-end move-up properties picking up more sales.

In September, price levels for the lowest-cost 1/3 of housing stock rose 13.2%, while they rose 7.7% in the middle range and 3.5% in the top third.

OCTOBER STATISTICS FOR LAGUNA BEACH:
183 homes for sale
63 in escrow
40 closed sales from 10/01/12 - 10/31/12

40 Sales for October 2012:
12 sales under $1 million
17 sales $1-2 million
5 sales $2-3 million
3 sales $3-4 million
2 sales $6-7 million

*Higher price ranges moving up in sale amounts as low end homes drop off due to lack of inventory.
*SoCalMLS, DQNews 11/01/12
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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 = 1139 Distressed = 68
In Escrow Listings = 986 Distressed = 416
Sold from 01/01/12 = 4,421 Distressed = 1,208

*Distress sale amounts are decreasing.
*SoCalMLS 11/01/12
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2011 COMPARED TO SEPTEMBER 2012:
City - Zip Code - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,395,000 - 6.4%
Capo Beach - 92624 - 13 - $560,000 - 12.4%
Corona del Mar - 92625 - 21 - $1,330,000 - minus 19.9%
Costa Mesa - 92626 - 24 - $502,000 - 4.3%
Costa Mesa - 92627 - 20 - $500,000 - 1.2%
Dana Point - 92629 - 22 - $717,000 - 12.5%
Laguna Beach - 92651 - 35 - $1,325,000 - 10.4%
Laguna Niguel - 92677 - 44 - $698,000 - 8.7%
Newport Beach - 92660 - 37 - $1,310,000 - 14.4%
Newport Beach - 92661 - 6 - $2,115,000 - minus 29.2%
Newport Beach - 92663- 16 - $2,108,000 - 84.5%
Newport Coast - 92657 - 15 - $1,690,000 - 45.2%
San Clemente - 92672 - 27 - $700,000 - 41.7%
San Clemente - 92673 - 38 - $668,000 - minus 8.7%

*DataQuickNews 11/01/2012
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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!

 

 

 

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