Laguna Beach Market Times Rise To 14.5 Months

Laguna Beach seems to be in a summer slump as market times—the time a home is expected to spend on the market before being sold—jump up to over a year in July, making it again one of the slowest markets in Orange County.

Last week’s inventory report from Steve Thomas, broker from Altera Real Estate, shows that Laguna Beach homes now take an average of 14.59 months to sell, up from 13.45 months from a year ago and a significant rise from the 9- to 10-month range it has stayed in for much of the current year.

There are currently 394 homes for sale in Laguna Beach—3.5% of the Orange County resale total—but only 27 were in escrow as of July 22. Twenty-nine of the listings were distressed homes, either short sales or foreclosures, which makes up 7% of the total inventory.

In Orange County, market times were slightly up to 3.91 months from just 2.69 a year ago. There were a total of 11,235 homes for sale in the same period, 2,870 of which were in escrow as of last week. Of these, 3,487 were distressed deals, or 31% of the total market.

Countywide, homes in the $1-million to $1.5-million range have always had the slowest market times. In Laguna Beach, this slice makes up 10% of the market, with the majority over the $1.5-M mark. These homes typically take 6.07 months to sell, down from 9 months this time last year.

Nevertheless, things are looking up for both Laguna Beach and Orange County on a larger scale. Two years ago, homes took an average of 19 months to sell in Laguna, and close to 6 months in the rest of the county.

 

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