February 2010 Laguna Beach Real Estate Activity

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February 2010 Laguna Beach Real Estate Activity

Still Evidence of a Healthy Market – 25 Listings Went into Escrow and 20 Sold

Prices range for sold homes moving up – spread evenly throughout all ranges up to $7m – only 2 sold homes were below $1m

Highlights -

  • 20 closed sales in Feb. vs. 15 sales in January and 39 in Dec. (Almost 2007 levels)
  • 25 went into escrow vs. 22 in Jan bringing the total in escrow to 60 which is strong
  • However, 26 of the 60 in escrow are short sales, which take a long time to get approved, if ever
  • Distressed properties still a small part of homes sold – 1 sold was a foreclosure and 2 were short sales while there are 26 short sales in escrow  – short sales are still tough to close
  • Inventory is going up – 330 listings in Feb. compared to 299 in January
  • 30% of active listings have had price decreases
  • Active distressed properties remain constant – 3 are foreclosures, 21 are short sales

Breakdown of homes sold in the different price ranges

  • Only 2 of the sold homes were below $1m probably due to a lack of good inventory in this range
  • 5 houses were sold in the $1m to $1.5m range at $780 a sqft and avg 20% off original list price
  • 4 sold between $1.5m and $2m at $500 sqft and an avg of 30% off of original list price
  • 2 sold between $2m and $3m at $750 a sqft
  • 4 sold over $3m – 2 in Emerald, 1 in 3 Arch
  • 4 were condos were sold

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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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