FIRST GAIN FOR CALIFORNIA REAL ESTATE PRICES IN 16 MONTHS
The median price for an existing, single-family home in California rose 1.6% in March compared with the year before, marking 2012 the first year-over-year increase in 16 months. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last few years. Financing with multiple mortgages is very low, and down payment sizes are stable.
Inventory at an unheard of low since 2007. Under 300 properties are listed for sale in Laguna Beach. Sales are increasing with multiple offers not uncommon and some properties selling for over list price. The first quarter of 2012 saw the highest amount of sales since the first quarter of 2006... 90 homes sold in 2012 vs. 83 in 2006.
MORE GOOD NEWS:
NY Times - "THE boom in housing in the middle of the last decade created a huge oversupply of homes in the United States. But now that oversupply appears to be close to vanishing, at least in most parts of the country. 4/26/12
LA Times - "U.S. home sales are gradually coming back. The last two months made up the best winter for resale homes in 5 years." 4/22/12
Inman News: "Pending sales of existing homes rose to their highest level in nearly two years in March." NAR 4/27/12 **This is true in our coastal cities, see statistics below.
LATimes: "Feds urge lenders for shorter times to close short sales on Federally insured loans." 4/29/12
MAY STATISTICS FOR LAGUNA BEACH: 239 homes for sale 76 in escrow 28 closed sales from 4/1/12 - 4/30/12
Sales ranges for May 2012: 13 sales under $1 million 9 sales $1-2 million 3 sales for $2-3million 1 sale for $3,800,000 1 sale for $4,300,000 1 sale for $6,100,000
ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673 Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
