Laguna Beach Real Estate Magazine
March 2023 | Edition #93 updated April 16, 2023
Supply of Homes Plunges 48%
The Laguna Beach sold median – on low volume – fell $130,000 in March, settling at an even $2,500,000. The median dollars per square foot rose $44, finishing at $1,422.
Back to the headline, the supply of homes plunged 48 percent. As of April 1, there were 98 residences listed for sale. In March there were 22 closed sales. The supply of homes is calculated by dividing the number of homes active on the market as of the 1st by the previous month’s rate of sales. The supply of homes went from 8.66 months – a buyer’s market – in February to 4.45 months in March. Laguna is now a seller’s market.
What is next? Two predictive sets of data points, stand out.
One, pending activity and pending activity as a percentage of active inventory, is surging. The number of open escrows has surged 146% in the last two months. Pending Absorption – the ratio of active listings to open escrows is also up 128% in the last two months. With last month's closing ration above 100%, expect more closings and tighter supply this month.
Two, the Spread Indicator – which compares the active median price to the sold median price – has just issued its strongest signal ever. The April 1 active median was $4,495,000. The March sold median was $2,500,000 – a difference of almost $2,000,000. Every time in the last 7 years that spread has exceeded $1.4M – 14 out of 14 times – the sold median has gone up that month. Be sure to check back next month.
If you like Laguna Beach real estate data, be sure to check out my website www.LagunaGalleryRealEstate.com.
April 16, 2023 update. The market is heating up. Pending activity is surging more. There are 98 active listings and 38 open escrows in Laguna Beach. Pending absorption is now at 38% - up 171% since Febuary 1st.
A Broker's Take on the March 2023 Laguna Beach Real Estate Market
Laguna Beach Real Estate
March 2023 At-A-Glance
SOLD MEDIAN $2,500,000 - 130,000 | $ PER SQ FT $1,422 + 44 | SUPPLY 4.4 MONTHS - 4.2 | CLOSING RATIO 122% + 30
Laguna Beach Real Estate
Price Forecasts
Short-Term PENDING INDICATOR Forecast for April: No Signal
Short-Term SPREAD INDICATOR Forecast for April: Up Signal
Long-Term PRICE INDICATOR Forecast for 2023: No Signal
Laguna Beach Real Estate
March 2023 Sales Data
Balanced Market 5 to 7.9 Months
Laguna Beach Real Estate
March 2023 Laguna Beach Real Estate Closings
Laguna Beach Real Estate
Laguna Beach Real Estate Chart
Sold Median Yearly
Boyd Roberts | Broker | Laguna Gallery Real Estate | 20+ years of experience | Has closed or overseen the closing of 800 real estate and real estate mortgage transactions far exceeding a quarter of a billion dollars | Produces A Broker's Take on the Laguna Beach Real Estate Market (video series) and updates 27 Laguna Beach real estate charts to LagunaGalleryRealEstate.com/Charts.
BA economics | Studied at Waseda University in Tokyo | Traveled around the world | Commodities futures broker for 14 years | Longtime resident of Laguna Beach
Laguna Beach Real Estate Magazine | Established February 2016 | Publisher Boyd Roberts | California Broker's License #01354788 | Copyright 2023 | All rights reserved | 949-463-9152 | https://www.lagunagalleryrealestate.com/ | Boyd@LagunaGalleryRealEstate.com
