Laguna Market Update as of Febuary 2015
Category : Laguna Beach Real Estate
Market update for the first two months of 2015
Some interesting facts to think about:
- The number of sales is up more than 15% from a year ago. Given the lower inventory this is very impressive.
- Inventory is still below what it was at same time last year but the number of Pending Sales (sales in escrow) is up more than 20% from a year ago. Again, given the poor inventory this is very impressive.
- From the statistic it shows it’snot the best time to sell the higher priced homes. There are currently 66 homes listed ‘For Sale’ above $4,000,000 and in the first two months of this year only two have closed escrow. Both those closed sales happen in January so presumably they actually went into escrow in 2014. There are only two Pending Sales priced above $4,000,000. Lastly, in February the most expensive home sold for $3,200,000.
- Bragging on Surterre. Consider this: there were 22 homes sold in February. Surterre represented six of the sellers for a 27% market share and seven of the buyers for a 32% market share.
- Loans: Rates are beginning to rise a little in anticipation of the Fed raising rates this summer or fall. However, rates are still quite low with fixed rates hovering around 4%. ARM rates are lower.
- Jumbo loan programs are plentiful with qualifying guidelines loosening up and stated income programs are available – Call Rick Cirelli, (949) 413-5091 for more information