2009 Laguna Beach Real Estate Closed With a Bang
Category : Laguna Beach Real Estate
December is The Best Month of 2009
Major Trends -
• 39 sales in December – 17 went into escrow – 7 sales already in January
• Buyers are moving up the price ladder and the higher end homes are starting to sell
• Sellers on the low end are pricing to sell, and do, while the higher end sellers are only selling after major price drops and a long wait
• Distressed properties playing a minor part in sales – 6 sales
• There are signs that a lot of properties may come on the market. One top realtor is working on 30 new listings
• The low cost of money and cash are playing a big part in the sales – rates will go higher soon
Activity in Different Price Ranges
For houses less than a million – Sellers are pricing to sell – $680 a sq.ft.
12 sales – Average time on the market 30 days – Only 3% discount off of original list price
For houses between $1m and $1.5m – Pricing getting better to sell – $680 a sq.ft.
7 sales – Average time on the market 90 days – 10% discount off of original list price.
For houses between $1.5m to $2m – Buyers buying in this price range
But sellers had to come down 20% from original list price and wait 170 days on the market
8 sales – $764 sq.ft.
For houses between $2m and $3 million – Buyers crossing over $2m mark for the first time with gusto
But sellers had to wait almost a year to sell and discount their places 30%
6 sales – $890 a square foot
For houses over $3m – This market is also seeing much more activity
But sellers had to wait 200 days and come down 50% off the original price
6 sales – $1,200 a square foot
Current property inventory – 300 homes
Distressed properties – 6 foreclosures, 24 active short sales