Laguna Beach Real Estate January 2017 Sales Report (Word)

February 2, 2017

Laguna Beach Real Estate

 

January 2017 Sales Report

 

Boyd Roberts       

 

Gallery Real Estate

 

YouTube: “Laguna Beach Boyd Roberts January 2017”

 

949-463-9152

 

 

January’s Action:  Median closed sales started out the new year by plunging $425,000 to under $1.6M.  It looks like Laguna Beach real estate prices might be in for a bit of a ride in 2017. 

 

As I projected last month that pipeline of lower priced pending deals did close in January.  I, fully expect that this is just a blip and not a long-term trend.  Why?  The median price of pending deals relative to recent sales is way up.  In fact, in the last 30 days, it has swung up over $800,000! 

 

Drilling down into the numbers:  82% of January’s sales reduced their price.  The average price reduction was $392,000 or 10%, off from the original listing price. 

 

Another glaring statistic:  current sellers want over $1.3M more for their homes than recent buyers were willing to pay.  Call it the “spread.”  It runs between $.8M to the current $1.3M.  Its existence might mean that Laguna is overpriced, but don’t forget that last year we went to a record high with buyers focused solely on the lower end. 

 

My take:  February and March are looking good.  Long term trends – despite our poor start, political uncertainty, and chronic overpricing – appear in tack. 2017 will, likely, be a record year. 

 

 

 

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ACTIVEs (As of February 1, 2017)

 

Total                                                                                                               163 Listings

Median Price                                                                                                             $ 2,895,000

Median DOM                                                                                                 114 Days

Median Price per Square Foot                                                                    $ 1,184

 

PENDINGs/Under Contract (P/U) (As of February 3, 2017)

 

            Total                                                                                                               46 Listings

            Median Price                                                                                                 $ 1,995,000

            Median DOM                                                                                                123 Days

            Median Price per Square Foot                                                                    $ 959

 

SOLDs (January, 2016)       

 

            Total                                                                                                               29 Closings

            Total Requiring a Price Reduction                                                             24 Closings

            % of Closings at a Reduced Price                                                               82%

            Average Price Reduction                                                                             $ 392,182

            Average Price Reduction as a %                                                                 10 %

            Median Price                                                                                                 $ 1,575,000

            Median DOM                                                                                                55 Days

            Median Price per Square Foot                                                                    $ 930

 

Total Supply of Actives at this Rate of Sales                                                          5.62 Months

Difference Between Active Median Price and P/U Median Price                                    + $     900,000

Difference Between Active Median Price and Sold Median Price                       + $  1,320,000

Difference Between P/U Median Price and Sold Median Price                           + $     420,000

 

More SOLDs (Most Recent 3 Full Months:  11/1/2016 – 1/31/2017)      

 

            Total                                                                                                               86 Closings

            Total Requiring a Price Reduction                                                             73 Closings

            Median Price                                                                                                 $ 1,850,000

            Median DOM                                                                                                 88 Days

            Median Price per Square Foot                                                                    $ 945

            Total Supply of Actives at this Rate of Sales                                              5.68 Months

 

More SOLD Median Price History (Full Calendar Months)

 

            Month/Year         Median Price                    # of Sales                                

                               

Last 6 Full Months    $1,815,000                  173                                         

  (8/1/2016 – 1/31/2017)

Last 12 Full Months  $1,810,000                  371                                         

  (2/1/2016-1/31/2017)

 

More Median Price History (Full Calendar Years)

 

Year                       Median Price        # of Sales                            Year                       Median Price      # of Sales

 

2000                $   665,000        562                            2008                $1,535,000      204

2001                $   775,000       437                            2009                $1,185,000      274

2002                $   785,000        527                            2010                $1,200,000      334

2003                $   971,000        542                            2011                $1,100,000      329

2004                $1,275,000        514                            2012                $1,250,000      435

2005                $1,505,000        428                            2013                $1,525,000      422

2006                $1,625,000        322                            2014                $1,785,000      411

2007                $1,629,000        281                            2015                $1,700,000      384

                                                                                    2016                $1,800,000      370

           

Boyd Roberts is solely responsible for all content/statements/opinions/and conclusions.  He is a licensed broker, CA BRE #01354788, and is not a professional statistician or an economist.  All data has been taken from sources deemed reliable, but is not guaranteed and may be subject to compilation errors, data source errors, and statistically invalid data sample sizes.  All statistics/statements/opinions are not guaranteed, nor are they a forecast of higher or lower prices.  Based on information from California Regional Multiple Listing Service, Inc.:  February 1, 2017 (active data) and February 3, 2017 (all other data). This information is for your personal, non-commercial use and may not be used for any other purpose.  Pending/Under Contract prices are not necessarily the contract price, likely, they are the last active price before going into contract. 

 

Boyd Roberts                949-463-9152                 Boyd.GalleryRE@gmail.com

 

 

Copyright 2017.  All Rights Reserved.  BRE #01354788

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