2009 Laguna Beach Real Estate Closed With a Bang

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2009 Laguna Beach Real Estate Closed With a Bang

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


About Author

Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

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January 8, 2010 at 7:00 pm

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January 9, 2010 at 6:43 am

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