Category : Laguna Beach Real Estate
March’s Sizzling Stats for Laguna Beach
Pretty impressive highlights:
- 86 Pending (in escrow) Sales, the highest EVER
- 241 Active Listings, the lowest number in more than four years and only a 3% increase since the first of the year (the average increase from January to April is more than 15%)
- 88 closed sales in the first quarter of 2012, the highest first quarter in as far back as my data goes!!! 39 closed sales in March – 15 were less than $1m Client Short Page , 16 were between $1m and $2m Client Short Page , 6 were between $2m and $3m and 2 were over $3m Client Short Page
There continues to be 2 markets – Below $2m which is a seller’s market and above $2m is a buyer’s market. Half the active listings (119) are above $2m and there were only 6 sales (all in gated communities) in this price range.
(Click Here to view reports for Active, Pending & Closed)
Interesting Info on Orange County Foreclosures, Inventory and Demand
Wave of Foreclosures (NOT):
Since the end of 2008 there has been barely a ripple, let alone a wave, of new foreclosures. For those that have been banking on a wave of foreclosures to hit the market, it is time to face reality and put that surfboard away, there simply is not going to be a new wave of foreclosure activity. According to Sean O”Toole of ForclosureRadar.com, 89% of the properties that were set to go to sale at courthouse steps across California, also known as the Trustee’s Deed Upon Sale, were either postponed or cancelled over the last month. 7% were taken back by the bank to be sold as foreclosure sales listed through a REALTOR and 4% were sold to third party investors.
Lenders are slowly absorbing their non-performing assets at a methodical rate. At the current rate, we are looking at another four years of foreclosures, short sales and loan modifications.
Only 6% of the active listing inventory is a foreclosure but there are only 392 active listings that are foreclosures in all of Orange County. The total for all distressed listings, both foreclosures and short sales had shed an additional 174 homes in the past couple of weeks and now totals 1,830. Last year at this time there were 3,858 total, that’s 2,028 additional home or more than double. The short sale active inventory has dropped 1,079 homes since the beginning of the year and now totals 1,438, levels not seen since the distressed inventory was just beginning to build back in 2007. The expected market time for short sales is 1 month.
The Active Listing Inventory
The active listing inventory dropped to levels not seen since July 2005. To date in 2012, the inventory has dropped nearly 1,500 homes.
In the past month demand has increased by another 8%. Overall, Orange County demand, the number of new pending sales over the past month, increased by 102 homes in the past two weeks and now totals 3,840. That’s 16% stronger than one year ago today. For homes priced below $750,000, demand is HOT and the expected market time is 1.3 months. From $750k to $1 million, the expected market time is 2.7 months. From $1 million to $1.5 million, the expected market time is 3.5 months. For all homes priced above $1.5 million, the expected market time is 9.3 months, a sharp contrast to the lower ranges.