August Laguna real estate sales activity comes back with a vengeance
Category : Laguna Beach Real Estate
For comparison, last month there were only 15 homes that went into escrow.
Closed sales in August will probably end up in the 17 to 20 range which is low but these don’t represent what is happening today.
A strong point of interest, 50% of the closed sales were distressed properties, (2 foreclosures and 6 short sales) which is a high percentage.
In fact close to 50% of all properties in escrow are distressed properties (32/67).
While closed sales are used by the media to report on the state of real estate, it doesn’t show the most recent sales activity, which is quite vibrant, even though many are distressed sales.
Most of the time there is a dip in activity in August with the exception of last year (2009) which was up and continued up through November.
A few other highlights:
- Inventory is at 410 properties which is 10 higher than last month
- Interesting fact – While distressed properties have represented 50% of what is being bought there are only 30 distressed properties out of the 410 active properties (7%)
- Price reductions are staying steady at 20% which is significant but not a panic attack
- Most of the sales activity is in the $1m to $2m range (14 in escrow) and 9 below $1m