Laguna Beach Home Buying Up 85% Over Year

Spring and summer home buying season continues to work in favor of the Laguna Beach real estate market this year, bringing the South Coast city's home sales up 85% compared to this period last year, according to real estate information provider DataQuick.

A total of 37 homes were sold in Laguna Beach in the month ending May 10, the latest DataQuick statistics available. This compares to 20 in Corona del Mar, another upscale area in neighboring Newport Beach, which was equally hard-hit by the housing crash.

Laguna Beach home prices also went up in the same period, increasing 20% over the year to $1.2 million. Although still far from the $4 million recorded before the recession, it's still 176% more than the latest countywide median of $435,000.

The rest of Orange County's beach towns also enjoyed similar jumps, with a collective increase in home sales of 33% compared to last year. In the same period, the rest of the county saw home sales rise by 18%.

Beach home prices are likewise on the rise, the latest median being set at $703,000. This is 5.3% more than last year’s prices, relatively small but still encouraging considering the numerous price cuts placed on luxury homes in recent weeks. Even areas like Laguna Beach, Newport Coast, and Corona del Mar posted significant price increases.

Laguna Beach sets a prime example of how luxury real estate, particularly around the coast, compares to the rest of the market. Of the 3,003 homes sold in Orange County in the past month, 507 were coastal homes, although beach towns comprise a smaller percentage of the O.C. market.

 

Earlier in Laguna Beach Real Estate News:
Charge Your Electric Car in Laguna Beach
More Luxury Homes Hit Laguna Beach Real Estate Market
Oldest House In Laguna Beach To Be Rehabbed