South Coast Homes Selling Faster

January is often a slow time for real estate sales, but the Orange County South Coast—comprising Laguna Beach, Dana Point, and San Clemente—is seeing a collective drop in market times, according to reports from broker Steven Thomas of Altera Real Estate.

Just two weeks ago, Laguna Beach homes took an average of 14.67 months to sell. The latest reports, however, show a slightly reduced market time of 14.29 months. While still largely a buyer’s market, the numbers hint at a possible market recovery in the coming months.

Dana Point, one of the cities hardest hit by the housing crisis, also improved from a market time of 6.86 months to only 5.16 months in the latest count. This safely puts it in the “balanced” market category, where average market times are about six months or less.

In San Clemente, the sales pace quickened to 3.65 months from 4.07 months two weeks ago. Located further east than the other two South Coast cities, San Clemente has so far been the most stable city in the area and one of the more economically secure among Orange County’s upscale cities.

Countywide, home sales are headed the opposite direction, slowing down from 2.93 months to 3.22 months in the past two weeks. However, most cities are still doing better on average than the South Coast, particularly compared to the slow market of Laguna Beach.

Experts believe that the high home prices play a big role in the slow recovery of South Coast and other high-end areas. In the South Coast, for example, homes averaged from $1.1 million to $3.7 million in value even after months of depreciation.

 

Earlier in Laguna Beach Real Estate News:
Government Programs Can Help Laguna Beach Homeowners
Montage Resort Plans $400 Million Utah Expansion
Emerald Bay Home Slashes Price By $1 Million