April 2010 Laguna Beach Real Estate Activity
Category : Laguna Beach Real Estate
Spring has Sprung on Laguna Real Estate
With 30 closed sales (back to April 2006 levels).
25 Listings Went into Escrow for a total of 75 properties (31 are distressed properties) in escrow. We have not had 75 Pending sales since March of 2005, 5 years ago.
We have had 85 closed sales through the first four months of this year compared with 46 for last year…this is almost double the sales from a year ago!
Most of the action is in the less then $1.5m range with 20 out of 30 sales, but there were 9 between $1.5m and $3m
Distressed properties, especially bank owned (9 from 3) went up significantly, from 24 in March to 34 in April – 2 are over $2m
Additional Highlights -
- 30 closed in April, 20 closed in March, 20 sales in Feb. vs. 15 sales in January and 39 in Dec.
- 25 went into escrow in April,19 went in March, 25 went in Feb. vs. 22 in Jan
- Inventory is staying level – 360 in April, 358 listings in March compared to 299 in January
- 18% of active listings have had price decreases – no panic evident
- Only 2 condos sold
Breakdown of homes sold in the different price ranges
9 houses were below $1m – price per sqft went up $100 to $812. Avg. price decreased 10% from original list price
11 houses were sold in the $1m to $1.5m range at $697 a sqft and avg 8% off original list price
5 sold between $1.5m to $2m% at an amazing $521 a sqft. Prices came down 13%
4 sold between $2m and $3m,at $892 a sqft and a 16% drop in price.
2 sold over $3m