DECEMBER 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

Wishing You and Your Family a Wonderful Holiday Season!



Pending Home Sales Bounce Back in October

Pending home sales bounced back from the previous month at the statewide level in October. Pending sales were also significantly higher on an annual basis, portending higher closed escrows in the next couple of months. Home sales exceeded the 400,000 level in October for the seventh consecutive month and posted higher on a year-to-year basis for the ninth straight month.

Mortgage Information:

30 year fixed mortgage rate is currently 3.95%, down slightly versus one week ago.
15 year fixed rate is 3.18%, unchanged versus one week ago.  
ARM’s represent 14.8% of all mortgages, down from 19.5% versus last year, with the 10 year ARM being the hot lender product of choice.
Nationwide, 10.1% of mortgage homes are underwater, in OC there are only 3%.
A December Rate hike seems very likely.

*CAR 12/06/15

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NOVEMBER 2015 SALES STATISTICS FOR LAGUNA BEACH:

198 Active Listings

 52 Pending Sales
 22 Closed Sales from 11/01/15 - 11/30/15

22 Sales for November 2015:

 

198 Active Listings

 52 Pending Sales
 22 Closed Sales from 11/01/15 - 11/30/15

Sales Statistics:

 2 - Less than $1,000,000
 7 - $1,000,001 - $1,500,000
 2 - $1,500,001 - $2,000,000
 2 - $2,000,001 - $2,500,000

 2 - $2,500,001 - $3,000,000

 3 - $3,000,001 - $3,500,000

 0 - $3,500,001 - $4,000,000

 4 – $4,000,000 +

 

22 homes sold in November makes this is the lowest total number of sales for a single month in almost two years.  The longer time it can take for new loan may have had some impact on these numbers as there are still have 52 Pending Sales, about the same as the previous month.  Inventory dropped below 200 for the first time since February, but normal for this time of the year. 

 *Source CRMLS 10/31/15

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NOVEMBER 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

 

Close to Beach and Town - 721 Browncroft Rd, Laguna Beach

3 Bedrooms/4 Baths $1,999,000

View this home listed by HortonsInLaguna

 

Strong Sales Lift U.S. Home Prices 5.1% 
 

Solid sales pushed up U.S. home prices at a steady pace in August from a year earlier, a sign that the housing market is improving despite a slowdown in the overall economy.

Home Prices: Prices have risen at a 5% pace for most of this year, which economists see as more sustainable than last year's double-digit gains. Three years of solid hiring and historically low mortgage rates have enabled more Americans to buy homes.
 

Sales: Sales of existing homes jumped 4.7% in September to a seasonally adjusted annual rate of 5.55 million.  The number of existing homes for sales has fallen 3.1% in the past 12 months. In September, the number of available homes was equal to just 4.8 months' of sales, below the six months that is typical of a balanced market.

Mortgage Rates: Low mortgage rates are helping would-be buyers. The average rate on a 30-year fixed mortgage fell to 3.79% last week, its the 13th straight week below 4%.
 

Interest Rate News: Buyers and the industry will have to wait a little longer for the expected rate hike. This is to support continued progress toward maximum employment and price stability. So rates will stay at the current 0 to 1/4%. The Federal objective is try to maximum employment at a 2% inflation. They did hint at a possible December rate hike.

LATimes/CAR 10/28/15

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OCTOBER  SALES STATISTICS FOR LAGUNA BEACH:

189 Active Listings 
41  In Escrow
23 Closed Sales from 9/01/15 - 9/30/15

Statistics for October Sales:
  1 Sale $488,000
12 Sales $1-2 million
  4 Sales $2-3 million
  1 Sale  $3,200,000
  2 Sales $5-6 million
  2 Sales $10-11 million

  1 Sale for 17,200,000

*Source CRMLS 11/01/15

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1350 Alta Vista Dr, Laguna Beach

4 bedrooms, 3 baths, 3,200 SF $9,775/Month

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OCTOBER 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

 

Just Listed - 1035 Noria Street - Ocean View Home

3 Beds, 3.5 Baths, $1,349,000

Click to View 1035 Noria St, Laguna Beach

 



Price Gains Lower, Buyers Gaining Leverage

Rising prices and low inventory have finally cooled the housing market, just a bit. Pending home sales are down nationally yet the market remains well above last year’s levels. Demand continues to outpace supply.  Even with existing housing supply barely budging all summer, sales activity is still higher than earlier this year and a year ago. The median price of an existing home is expected to rise 5.8% nationally by the end of this year. And in the West, the bright spot of real estate pricing, the average rose.
 

We're in a bit of an adjustment period right now towards a more normal market. After two years of bidding wars and big price run-ups, some sellers have yet to come to terms with a slower market. After a decade of boom, bust and boom again, many aren't sure how to react to a normal market. Sellers are not used to this slowdown as houses have been selling quickly, eventually all houses will sell. You just have to be patient.

*LATimes, CoreLogic 9/12/15
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SEPTEMBER SALES STATISTICS FOR LAGUNA BEACH:

206 Active Listings 
13 In Escrow
 34 Closed Sales from 9/01/15 - 9/30/15

34 Sales for September 2015:
  3 Sales under $1 million
15 Sales $1-2 million
  7 Sales $2-3 million
  2 Sales $3-4 million
  5 Sales $4-5 million

  1 Sale for $15,800,000

*Interesting: $4-5 million range had more sales than $3-4 million range.

*Source CRMLS 9/30/15

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Fabulous Mystic Hills Listing - by Amanda and Pamela

1527 Tahiti Ave, Laguna Beach

$2,599,000

Click to View 1527 Tahiti Road, Laguna Beach

 

AUGUST 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

 

Newly  Listed: Ocean View Home in Mystic Hills area of Laguna Beach
Click to view 1527 Tahiti Ave, Laguna Beach

California Home Sales At Highest Level in 2 years, First Double-digit Increase since May 2012

Sales of existing, single-family homes in June reached the highest level in two years and experienced the first double-digit increase since May 2012. Home sales in the state have risen year over year for five straight months.

The June sales increased 3.3% from May and 11% compared with home sales in June 2014. The year-to-year change is significantly higher than the previous 6-month average increase of 4.3% from December 2014-May 2015.

Other key points for the OC coastal housing report include:

·        Active Listings Decline: While sales continued to improve from last year the number of active listings dipped 0.8% from the previous year. The June Unsold Inventory Index declined to 3.3 months in June, down from 3.5 months in May and 3.8 months in June 2014. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.

·        Median Number of Days on Market: Days to sell a single-family home rose slightly in June to 33.3 days compared with 28.5 days in May but was down from 33.8 days in June 2014.

·        Sales-to-list price Ratio: Properties are generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices to an average of 106.3% up from 104% a year ago.

·        Trends:  
 Home ownership at its lowest point in 19 years (64.8%)
 Highest price increase Newport Coast, 92657, +137.9%
 2nd Highest, Newport Beach, 92662, +61.1%

        3rd Highest, VillaPark,92861, 57.9%                                                                                                 

       

·        Mortgage Interest Rates Increased in June. Current market rates are:  

       30 year fixed Mortgage rate is currently 4.09%, up slightly versus one week ago,
15 year fixed rate is 3.25%, up slightly versus one week ago,
ARM’s represent 15.4% of all mortgages, down from 19.6% versus last year, this is the loan of choice

*CAR 7/15/15 - FANNIE MAE 7/31/15
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JULY 2015 SALES STATISTICS FOR LAGUNA BEACH:

222 Active Listings
69 In Escrow
42 Closed Sales from 7/01/15 - 7/31/15

42 Sales for July 2015:
  4 sales under $1 million
16 sales $1-2 million

*June had 27 closed sales vs. July with 42 - CRMLS 8/1/2015


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JULY 2015 COASTAL ORANGE COUNTY REAL ESTATE NEWS

Just Listed  ~ Excellent Village Laguna Location
721 Browncroft Road, Laguna Beach
3 Bedrooms, 4 Baths, $2,499,000
721Browncroft.com

 

Pending Home Sales Post Six Straight Months of Gains

The California housing market continues its upward trend with pending home sales registering their sixth straight annual gain, and the last four months being in the double-digits. Last weekend at our open house in Dana Point 25 buyers came through genuinely interested in buying and 2 agents showed the property during this time. Ad calls are also increasing.

Equity Sales: The share of equity sales – or non-distressed property sales – edged up further in May to make up 92.6% of all home sales, the highest level since late 2007. Equity sales made up 91.8% of all home sales in April and 88.8% in May 2014. The share of equity sales has been at or near 90% since mid-2014.

Stabilizing Home Prices: In a sign of stabilizing home prices, the share of sales closing below asking price has been on a downward trend for four straight months. One in four sales closed below asking price in May, down from the highest point of 55% in January 2015. More than a third of homes closed over asking price, and 26% closed at asking price.

• The premium paid over asking price declined in May, suggesting diminished market competition among home buyers. In May, homes that sold above asking price sold for an average of 8% above asking price, down from 10% in April but up from 6.5% in May 2014.

• Homes that sold below asking price sold for an average of 7% below asking price in May, down for the first time in four months.

• The share of properties receiving multiple offers fell for the first time in four months. 65% of properties received multiple offers in May, down from 72% in April and up from 62% a year ago.

Time to Buy or to Sell? It is a good time for both buyers and sellers. Buyers, even though the inventory is low properties on the market now are generally equity sales, so most homes are in good condition and still affordably priced. Sellers, with the low inventory your competition is less and market time is relatively low, 60-90 days. Interest rates remain at an all-time low and loan guidelines have eased up a bit, good news for both buyers and sellers.

Interest Rates:
30 year fixed Mortgage rate is currently 4.02%, up slightly versus one week ago,
15 year fixed rate is 3.21%, down slightly versus one week ago,
ARM’s represent 13.6% of all mortgages, down from 20.8% versus last year.

 *CAR 6/22/15/Rates 6/30/15
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 JUNE 2015 SALES STATISTICS FOR LAGUNA BEACH

248 Active Listings
62 In Escrow
27 Closed Sales from 6/01/15 - 6/30/15

Sale Statistics for June 2015:
4 sales under $1 million
16 sales $1-2 million
3 sales $2-3 million
2 sales $3-4 million
1 sale $7,150,000
1 sale $14,200,000

 *Not your city? Let us know and we'll gladly send the sale statistics for any city in SoCal.
 **Source CRMLS 6/30/15

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Beautiful Remodeled Condo in Sea Ridge
$839,000 - 3 Beds, 2.5 Baths, Ocean Views
24692MorningStar.com

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