More Laguna Beach Homes Sold This Month

Laguna Beach homes took slightly less time to sell in the month ending November 24, suggesting stronger buyer interest in the South Coast city, according to real estate reports from Altera Real Estate broker Steven Thomas.

Of the 305 homes for sale in Laguna Beach in the said period, 42 were in escrow at the time of the report. Using Thomas' formula for market times-the estimated amount of time it will take for all homes to sell at the current pace-this means that Laguna Beach homes take about 7.6 months to sell, compared to 9.69 months a year ago and almost 12 months earlier this quarter.

Countywide, there were 10,836 homes for sale, 2,693 of which were in escrow. This puts Orange County’s market time at 4.02 months, up from 2.52 months in the same period last year. Laguna Beach homes take an average of 97 days longer to sell than elsewhere in the county.

Homes priced between $1 million and $1.5 million will take about 6.3 months to sell. Of the 668 homes listed in this category, 106 were already in escrow. A year ago, these homes would have stayed in the market for 5.87 months.

Twenty-eight of the deals in Laguna Beach were distressed, meaning either in short sale or foreclosure, making up 9% of the total. Countywide, distressed deals accounted for 38% of the inventory, and 10% of those from $1 million to $1.5 million.

Laguna Beach, with a median price consistently in the $1 million to $2 million range, has had one of its slowest periods in the past two years. It has greatly improved over the last quarter, however, and is expected to steadily recover starting next year.

 

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