Buyer Activity Up 150% in Laguna Beach

Laguna Beach real estate continues a positive streak at the end of the first quarter with a year-over-year increase of 150% in home sales, according to the latest data from real estate information provider DataQuick.

A total of 15 homes were sold in Laguna Beach in February, compared to only 10 in the same period last year. While not impressive alongside the rest of the state, the figures are encouraging considering the rough patch other coastal cities have yet to overcome.

Throughout Orange County, home sales were counted at 1,986, an increase of 5.7% over the year. Of these, 302 were in beach towns such as Newport Beach, Huntington Beach and Dana Point, representing a yearly gain of 11%.

Median selling prices are also up both in the city and countywide, suggesting a slow but steady move towards market recovery. In Laguna Beach, the latest median is $1.6 million, up 23.1% from last year. Orange County prices rose 11.2% to a median of $417,000.

The increase was less remarkable for the county’s beach towns, although it’s still going up. The latest median was pegged at $690,000, up 0.7% from last year and comfortably above the countywide figure.

Laguna Beach ha d one of the slowest real estate markets in Orange County last year, with home cuts of up to 35% recorded and market times of more than twelve months. But with the market stabilizing and buyer interest increasing, many believe the city is off to a good start and may even improve dramatically in 2010.

 

Earlier in Laguna Beach Real Estate News:
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