As predicted last month, Laguna Beach’s sold median did soar. It rallied $355,000 to a record $2,765,000. For anyone keeping track that is the 26th time in a row that the short-term Pending Indicator has accurately predicted Laguna’s price movement to the month.
Laguna’s dollars per square foot ($PSF) has also gone parabolic. From May 2020, the 3-month $PSF has rallied 47%, from $865 to $1,275.
Where are the sellers? The June 1st number of active listings fell to 128, a multi-year low. Literally the 7 lowest monthly prints for the number of active listings - in the five plus years I have been tracking Laguna Beach prices – have occurred in the last 7 months.
Laguna’s supply of homes imploded to just 2.3 months. That means at May’s rate of sales (54 closings) it would take 2.3 months to sell all 128 active listings. In fact, every segment of Laguna’s market under $10,000,000 is a seller’s market. If you take out the over $10,000,000 portion out, the supply of homes would be 1.99 months.
