Based on MLS recorded sales for the cities of San Clemente, Laguna Beach and Dana Point, from January 1, 2011 through February 22, 2012, the average sales price has dropped in each city. That continues to be great news for those looking for their next "Beach Side Bungalow". Coupled up with a continued historically low rate environment, it is a fabulous time to find that "Diamond in the rough".
Laguna Beach saw 57 homes sold from January 1, 2011 through February 28, 2011 compared to just 40 from January 1, 2012 to February 21, 2012. Granted, there are eight more days to add to that count (Leap Year and all) but I would not think you'd see the 17 needed to tie last years number. The average DOM (Days on Market) for last years period was 143 days compared to this years pace of 153 DOM. The average price was also down from $1,460,375 to a still large number of $1,317,827.
San Clemente saw 115 homes sold over last years dates while this year, we sit at a relatively tame figure of just 79. Similar to Laguna Beach's increase in DOM, San Clemente had homes sitting an average of 130 DOM last year, this year it is up to 137 days on market. The average price has dipped as well, more great news for those looking to trade up or get away from the heat of the inland summer and get close to the coast. Last year saw an average price of $696,476 for homes against this years figures that are hovering at $650,355.
Dana Point's story is just a bit different, the home of Doheny's Music Festival saw 49 homes sold during the first two months of last year, compared to 45 through February 22nd of this year. With seven more days to record a few more sales, we could see Dana Point come very close to maintaining their momentum. The average price is down from a $795,465 pace last year to this years $772,730. Compared to the same period decline in Laguna Beach, which is just over 9%, Dana Point's slide is just under 3%.
What do all these numbers mean to you and me..? I would guess upon further analysis, we could show that the pace of decline is starting to ease, in fact, you can say that within some price sectors, you are even seeing an increase. Because of the large range of pricing for short sales, you will see some still go for as much as 10% to 15% under list price, while those who aggressively list their short sales under market, you would see those go over list price, in effect having a skewed effect on the market. The most important factor is always to like the home enough to see yourself in it. Then, make sure a comprehensive market analysis is done so you know what the "right" price may be as compared to all the surrounding sales.
No comments:
Post a Comment