The supply of Laguna Beach homes for sale exploded last month to over 14 months, but it is about to implode. 12 Month volume has plunged to 345 closings, but it is about to come back. Why? There is a large pipeline of pending transactions, ready to close and right this bull just in time for spring.
This is Boyd Roberts, broker, of Gallery Real Estate with my take on February’s Laguna Beach real estate Market.
As I forecast last month, median sold prices did rise. They were up $55,000 to $1.955M. That makes my short-term price indicator 16 for 16 over the last 3 years. Thou not an official call, with the pending median at almost $2.2M – its 3rd highest print ever, prices will likely be higher again this month. February’s median price reduction was $212,500 or 8.6%.
Two more things on supply before I go: The supply of homes in the under $1.5M segment has doubled in the last 2 months. In that same period the supply of $2-3M homes declined by 30%.
See all my Market segment analysis on page 3 of my February Report. That report – like all my reports, videos, and charts can be found at www.LagunaGalleryRealEstate.com.
Call me at 949-463-9152 anytime. Do not forget Art Walk tonight, have an excellent March, and thank you for joining me.