Laguna Beach Real Estate - A Broker's Take on April, 2017 (video text)

Boyd Roberts broker at Gallery Real Estate reporting from Emerald Bay.  Laguna Beach median prices closed out April just under $2M.  

 

Year to date we are at $1.93M.

 

If that holds, 2017 will be another year for the record books. 

 

Buyers should know that there is more to the Laguna, than rising prices.  In my view, it is a buyer’s market.  Consider the following data points:  sellers want almost $700,000 more for their homes than recent buyers were willing to pay; 77% of all April closings required a price reduction; the average price reduction was 8.8%; the median days on market almost doubled in April; the median price per square foot in April was down by almost 21%; and the total supply of homes relative to sales was up by 50%.  Of course, one month does not make a trend. 

 

Going forward, current pending deals point to a $150,000 drop over the near term.  No guarantees. 

 

See my April report for all of the details and keep me in mind if you need a knowledgeable broker to help you negotiate this market.  Boyd Roberts out.  Thanks for joining me.  Have an excellent day.

 

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