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
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