As I predicted last month, prices did fall. The sold median finished at $1,750,000 down $350,000 – a 16% drop (chart on page 6 of my September 2019 Laguna Beach Real Estate Sales Report). For those of you keeping track, that is the 19th time in a row that I have accurately predicted a short-term Laguna Beach price movement (Pending Indicator chart on my website: www.LagunaGalleryRealEstate.com).
But make no mistake, this is the best of times. The supply of homes – at 6.4 months – is at an 18-month low (page 10). Despite September’s plunge, the 12-month moving median remains at a record $1,900,000 (page 7). Likely, 2019 will be a record year.
Check out my Laguna Beach View Ordinance video on my website www.LagunaGalleryRealEstate.com.