Median Laguna Beach sold prices are up $521,000 year to date, $729,000 year over year, and $1,214,000 since the shutdown. Chart page 5.
In terms of $ per square foot (3-month) we are up 16% since December and 40% year over year. Chart page 5.
The five-year median number of active listings is 227. Historically, the supply increases approximately 100 listings from January 1st into the summer months and declines 100 listings through the end of the year - except this last year. We started 2021 with only 136 listings. On July 1st when there are typically 250 to 300 active listings, we were only 117 – a multiyear low. Chart page 6.
The 5-year median of monthly closings is 32. June saw 64 closings for the month, a multiyear high. Chart page 6.
If you divide the July 1st number of active listings (117) by the June rate of sales (64) you can estimate the number of months (1.82) that it would take to sell all actively listed homes. The 5-year median is 7.2 months. Notice that the May 2020 supply was 13.2 months and has now collapsed by 86%. How high does the price have to go before sellers list their home for sale? Chart page 7.
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