Laguna Beach Drops to Third Place as O.C.’s Slowest Market

Continuing a promising run in the past couple of weeks, market times for Laguna Beach homes have been further reduced, dropping the city to third place in the list of slowest housing markets in Orange County.

Laguna Beach was previously ranked the slowest with a market time of over a year, but has slowly recovered as home sales picked up last month. Its current market time is 8.27 months, down from 10.31 a month ago and 8.49 two weeks ago.

This also makes Laguna Beach the only Orange County South Coast city to show an improvement in market times, although still relatively slow. The two other cities, San Clemente and Dana Point, slowed down slightly in the same period: San Clemente from 3.35 to 3.51 months and Dana Point from 5 months to 5.58 months.

Also worth noting is the difference in home prices: of the three South Coast cities, Laguna Beach has the most expensive average at $3.9 million, while San Clemente and Dana Point homes cost $1.2 million and $2 million respectively.

Overall, the South Coast area has shown great improvement over the past two years, when the housing crisis began. Two years ago, homes spent over a year in the market on average, with Dana Point trailing at 19.5 months. The latest market times are less than a third of their 2006 peaks.

Countywide, market times have decreased in the past two weeks from 2.48 to 2.38 months. According to real estate broker Steven Thomas, the biggest difference is between homes below and above the million-dollar mark: homes priced below a million had market times of 1.87 months, while those above took an average of 8.97 to sell.

 

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