There has never been a better time to sell a $3-5M home in Laguna Beach than now. The supply of $3-5M homes has completely collapsed from a 40-month supply in December 2018 to just 2.8 months in May – a 93% implosion. Chart below.
In the last three months the median days on market for $3-5M homes was only 14 days. Significantly, half of these homes sold at or above the original list price. In the last 100 closed sales, the median $ per square foot for $3-5M homes was $1,165, but let’s look closer. Of the 53 that closed in 2020 the median $ per square foot was $1,101. For the 47 closing this year, the median was $1,251. For the 31 closing in the last three calendar months, the median was $1,312.
This appreciation is confirmed by the overall Laguna Beach market. The Laguna Beach three-month dollars per square foot was $1,002 in July. In May 2020 it was $1,266: a 26% appreciation.