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.