4 Interesting Facts About This Year’s Laguna Market
Category : Laguna Beach Real Estate
But first check out my new listing in Arch Beach Heights – Everything my buyers want – open floor plan, indoor-outdoor living, big views, lots of amenities. Not much on privacy but Laguna is the land of compromise. Something’s got to give. Let me know if you’re interested.
4 interesting facts about the market in Jan. and Feb. 2012
- 40% of January’s 20 closed sales were distressed properties (3 foreclosed, 5 short sales) and 65% were below a $1m (13) and 30% (6) were between $1m and $2m leaving 2 that went for $4m each.
That said, January was a good month for sales activity with the most closed sales for Jan. since 2006. 25 went into escrow, again with 65% less than $1m. The average price for closed sale was $1.3m which is down.
- February started with a bang with 25 homes going into escrow and its only Feb. 16th. All my colleagues, including myself, are seeing very active open houses. There are 14 closed sales which is in line with last years 28 home sale average per month.
- Inventory is remaining low with 236 active listings which is about the 2006 level. Less than $1m – 53, $1m to $2m – 72, over $2m – 112, REO – 7, Short sale – 15
- The ‘over the $2m’ market is still in a stall. 2 to 4 homes sell a month out of the 112 for sale (almost 50% of all inventories) It’s going to be an interesting part of the market this month with more jumbo loans coming on the market and price reductions.
The take away from all this is that the ‘less than a million’ market has a 3 month inventory of homes for sale, which is a healthy buyers/sellers market. For the most part, the ‘new to market sellers’ are pricing to sell, and the buyers are getting the deals they wanted. The average price per sqft is around $600 a sqft., 30% less than the height of the market and at a 2003 level.
The markets above $1m are still a buyer’s market. The $1m to $2m has about a 6 month inventory.
See the multi year comparison graph of inventories, pending sales, and closed sales below:
If you’re interested in a Laguna house for less than a million please check out this new foreclosure info and video.
This 3 bdm, 2.5 bath, 1,624 sq.ft. foreclosure is actually in pretty good shape and at a good price of $653,000 which is at a really low price per sqft of $402. It could use some upgrading but it’s not totally beat like other foreclosures.
The following is one of my favorite less than $2m listing.
It’s in popular Mystic Hills, 4 bdm/4 bth, 2,800 sq.ft. with huge views from every room and its attractively priced at $1,875m, which is $670 a sqft., making it the best deal in Mystic Hills. It has a pool, albeit not large, in the backyard.