Home Buying Up 54% in Laguna Beach

Home buying in Laguna Beach was up 54% last month on a year-over-year basis, continuing the positive streak its has enjoyed for much of the first semester and exceeding expectations by most real estate experts.

A total of 43 homes sold in Laguna Beach in May 2010, more than a third higher than it was a year ago. While most experts agree that it’s partly due to the spring and summer home buying season, many are also optimistic that the South Coast city is finally picking up after a difficult run last year.

Industry players are also pointing to the drop in the city’s median selling price. Homes are now going for an average of $960,000, a year-over-year decline of 8.6%. It is also significantly lower than the $2 million median earlier this year and the whopping $4 million from before the real estate crash.

Of course, even with the falling price—believed to be caused by mounting short sales and foreclosures—Laguna Beach is still among the priciest cities in Orange County. Its current median is 113% higher than the countywide median, last pegged at $450,000 and up 9.8% from a year ago. Last year, the median was 156% higher.

Countywide, a total of 3,527 homes have sold in the same period, up 22.1% on a year-over-year basis. Of these, 562 were from beach towns (including Laguna Beach). Beach homes sold for an average of $670,750 and were up 5.9% in sales compared to a year ago.

The data was provided by real estate information provider DataQuick, using sales data from the 22-business day period ending May 31st.

 

Earlier in Laguna Beach Real Estate News:
Montage Resort Plans $400 Million Utah Expansion
Emerald Bay Home Slashes Price By $1 Million
Laguna Beach Market Times Rise To 14.5 Months