As predicted, Laguna was up in March.* On strong volume the median sold price rose $375,000, finishing at $2,625,000 – a record. The dollars per square foot move was also impressive. It settled at $1,266 – the second highest print ever.
With 142 active listings as of April 1st and 44 closings in March, the supply of homes came in at 3.2 months. That is the ninth month in a row that Laguna’s supply has been under 5 months – a clear seller’s market. The marginal change in supply of homes exceeding $10,000,000 was particularly impressive, falling from 69 months in January to only 18 months in March.
Where are the listings?? For years, the number of active listings, rose approximately 100 listings from January to July, and then declined 100 listings to the new year. Except this last year. From January 2020 to June the number of listings was only up 50. Then from June’s relatively low level of 225, the number of listings fell 85 to 136 on New Year’s Day and it has not come back. In fact, the five lowest monthly prints of active listings in the last 5 years have occurred in the last five months.
If you follow Laguna Beach real estate prices, my website is a must. Every month I, produce my video take, update my 26 proprietary charts, and publish the full online version of Laguna Beach Real Estate Magazine.
FYI, I have prepared a special analysis of Laguna Beach’s $3-5,000,000 market, covering the last 100 closings. It is not on my website. If you would like a copy, please call me.
* In fact the short term Pending Indicator has now been accurate 25 times in a row.