July was a Dynamic Real Estate Month in Laguna Beach

Summary:

• Closed Sales were up
• Properties going into escrow were down
• More sales (8) over $2m, but still anemic with 55% of 343 homes for sale over $2m
• 30% of active properties had price drops

Details:

• As of July 26, 30 properties have closed, which is above the monthly average of 27 closed sale in 2011
• 15 closed sales were below $1m, 7 were between $1m to $2m, 8 were over $2m (this is double the average of 4 sales over $2m)
• 25% of closed sales were distressed properties – 2 closed sales were foreclosures, and 5 were short sales
• 19 homes went into escrow thus far which is lower than the 2011 monthly average
• 5 was less than $1m 5 was between $1m and $2m, and 5 are above $2m
• The number of listings ‘for sale’ has leveled at 338 properties which is trending down. 183 are over $2m which is trending up.
• 11% of homes for sale are distressed properties, which is low compared to OC 35%
• There are 10 properties in foreclosure for sale.
• There are 27 short sale listings, which is consistent.
• 100 properties had price decreases month to date – way up

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