The supply of $3-5M homes in Laguna Beach declined from 40 months in December 2018 to 6 months in March. The low was 4.1 months in February this year. (Chart below).
In the last 100 closed sales, the median $ per square foot was $1,165, the median days on market was 81 days, and the median price reduction was $275,000 or 6.5%. (Table on page 2).
Well priced listings sold quickly with fewer days on the market: 70% of sales in the lowest quintile of price reductions were also in the lowest quintile for time on the market. Overpriced listings tended to flounder: 50% of sales in the highest quintile of price reductions were also in the highest quintile for the longest time on the market.
In the table median data points are shaded in green. The highest quintile of price reductions and time on the market are shaded in red. The lowest quintile of price reductions and time on the market are shaded in blue.
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