The Pryor Group Blog

2012 January Dana Point Condos Show a Downturn in Sales, Average Price Increase of $173,000 over December and a Jump in Inventory.

Cathleen Pryor — Tue, 21 Feb 2012 01:10:50 +0000

: Sales were Down to 7 and Inventory Jumped to 16

In spite of the increase in average price, Dana Point was hard hit in January. Condos were flying off the shelf in December after a very slow year. Then suddenly we are back where we were and few have sold. There is usually not a lot of inventory in Dana Point, but with 17 new listings, there is now. In December 19 condos sold and there were only 4 new listings. Inventory really shrunk. By the end of January, 17 new listings were on the market and only 8 had sold.

The good news is buyers who were frustrated with the lack of inventory can come back out and look. There is plenty to choose from. Renters especially should stop throwing away their money and invest in their own home.

: Average Price Skyrockets to $551,562!

Just when the lack of sales and the burst of inventory depress our sellers, the average price jumps $100,000. There were only 7 sales, so you might think there was one million dollar condo that affected the results, but no. The most expensive condo sold for $650,000. Beach-close condos are usually expensive and can easily cost the same as a single family home inland.

: Median Price Up $40,000 from December

More good news for sellers! Half of the buyers paid more than $390,000 for a condo in Dana Point. There were only two other months in the last 12 that exceeded this number. If you have ever been to Dana Point, you are aware of the multitude of condos with awesome ocean and marina views. Dana Point Harbor is truly beautiful.

Click here for all the details for the past 12 month’s condo sales in Dana Point - Click here to see the report

2012 January Results for Laguna Niguel Homes are in – New Inventory Doubles – Sales Halve

Cathleen Pryor — Mon, 20 Feb 2012 22:55:30 +0000

New Inventory Rises to 47 and Sales Drop to 29

After three straight months of declining inventory due to more sales than new listings, January reversed the trend astonishingly. Let’s hope that just reflects the lack of inventory in December as investors, first-time buyers and normal buyers bought property. There is a rush to buy a home in great condition at a Recession price. Most experts agree that this is the bottom of the market and it has been so for the last year. Financing is cheap. Cash buyers are plentiful. We are seeing around 30% of the market as distressed sales. By the way, the banks are not inclined to take less than market value on foreclosed homes or those offered as short sales. Do not waste your time offering a bank 50% of the listed price. If the agent will even forward an offer like this, you are lucky. The bank will simply counter your offer at the market price.

The days on the market rose to 163, one of the highest monthly averages in the last year. There was one home on the market for 755 days and many for over 7 months. The short sales are usually the problems. Banks delay processing the paperwork, and then the buyers get discouraged and just drop out.

: Average Sold Price was $724,986 The lowest for the last 12 months.

The lowest average price we have seen for the last 12 months! There were three sales over a million and a number over $700,000. Sellers were very eager to get their properties sold and gave an average discount of 4%. One property which sold for over a million gave a 12% discount to get the home sold. Those deals may be going away as the market improves. You need to find an equity seller motivated to move. Don’t look to the banks.

: Median Price Increases by $52,500

The median price is very informative when you have at least 20 properties sold. The median price improved to $655,000 up from $602,500 from December. Half of the homes sold for more than $655,000. We are seeing more equity sellers and buyers with larger loans coming into the market. People now have self-confidence about property values and are ready to buy more expensive homes. Many buyers put off necessary moves just to wait out the uncertain market. Now they can’t wait any longer.

For more details -Click here to see the report

Community information? – Click on this link – http://www.titleadvantage.com/mdocs/LagunaNiguel.pdf

January 2012 Laguna Niguel Condos- Sales Dive New Inventory Triples

Cathleen Pryor — Mon, 20 Feb 2012 00:05:52 +0000

: January Sales Drop by 50% and New Inventory Triples

Condo sellers in Laguna Niguel are not happy about January 2012. Since September, 2011, sales have outpaced new listing inventory and shrunk the available supply for our buyers. Normally, 25 new listings hit the market every month, December was the lowest number of new condo listings for the year. Only 11 new condos entered the market. In January, 30 new condos arrived for the buyers to choose from. This is still much less than last year at this time when 40 or more condos every month flooded the market. Sales could not keep up. We can only hope the low sales in January is just the result of low inventory in December. Most condo sales take 30-45 days to close escrow when financing is involved. So February sales should be much higher and soak up some of the new inventory. We want prices to continue to stabilize and even inch upward.

: Average Price Declines to $226,037

The average price dropped to $226,037 from $289,611 just the month before. There were a few one bedrooms that really affected the average. One sold for $110,000 after being on the market for 350 days. There are bad locations and those sell last and for deeply discounted prices. Overall the sellers only gave 2% of the final price away to the buyers to get the unit sold. The days on market continued its decline and now is 134. Most condos sold and closed escrow in less than 3 months but a couple last month were on the market for 610 days and 350 days which pushed the figure higher. There was one really happy seller. The condo was priced at $325,000 and sold for $335,000. There was competition for that one!

: Median Price for Laguna Niguel Condos Way Down at $207,000

This is the statistic most influenced by low prices when there are a significant number of them. Half of the condos sold for less than $207,000. Most of the year the median price was over $250,000. The buyers really got great prices. For investors, they can rent these condos out and make a profit from the very beginning. Rents will only increase.

For all the details -Click here to see the report

2012 Laguna Beach Home Sales Dive – Inventory Soars

Cathleen Pryor — Thu, 16 Feb 2012 07:12:40 +0000

Laguna Beach Home Sales dropped by almost 50% from last month. January is such a beautiful month in Laguna Beach, it is hard to understand. It was one of the two lowest sales months in the past 12 months. With 44 new properties coming on the market, inventory is great for buyers. This increase in inventory matched the months in early 2011. The days on the market for the homes that sold have dropped for 4 months in a row. The trend was for more homes to sell and the inventory to decrease. That trend can’t continue too long before you run out of homes to sell. Fortunately for the buyers, this month was stellar. Go out and make an offer.

: The Average Price for January 2012 was $1,236,823

There are nice places to live and then there is Laguna Beach. How wonderful to be able to live in an area where the average price is over $1.2 million, the schools are superior, the shopping is excellent, the views are awesome and the dining is just superb. People are very casual and you cannot tell by looking at someone whether they live in a one bedroom condo or a $10 million dollar home. So very American. So very friendly. If nothing else, everyone should visit Laguna Beach and just spend the day.

The most expensive home sold for $4.3 million and it is on the list of homes if you click on the link below. You click on the link, then scroll down and click on January, the scroll down and click on Weymouth Place. You will see the picture of the home and the details. Use the MLS number when you click on my MLS link to the right of the blog and you can see all the pictues.

Link to see the details – Click here to see the report

The home on Weymouth was by far the most expensive home sold. But this month had the lowest average sales price of any month in the last twelve. Most homes sold for far less. The median price will help you orient yourself to the market in this case.

Median Price Drops to $875,000 - Lowest in 12 months

This shows the true story. Half of the homes sold for less than $875,000 and half sold for more. Most homes were priced and sold for much less than the average price. One home sold in the low $600,000′s. This is premium real estate in California. I read somewhere that Laguna Beach has the highest per capita income of all US cities except for a small city outside San Franciso.

For more information on this city, click on this link-

http://www.titleadvantage.com/mdocs/LagunaBeach.pdf

2012 Laguna Beach Condo Sales Start the Year At the Bottom

Cathleen Pryor — Sat, 11 Feb 2012 23:45:59 +0000

This is an awful start to the year for Laguna Beach Condo Sellers. Seven new properties hit the market in a burst of enthusiasm after sales climbed in December but no one came to the party. Average days on market climbed to 172 which had not been seen since last September. You can’t really take too much stock in that number because it only represents one sale. Still, that property was on the market almost 6 months before it sold and the seller gave the buyer a whopping 10% discount.

The Only Condo Sold was for $480,000

This was not the worst monthly sales result but it was one of two. This condo was near a busy street and that probably explains the low price. There are so few condo sales in any one month in Laguna Beach you cannot really draw a conclusion about the market. Also, some condos have killer ocean views and ravine views. Others watch traffic go by all day and see the ocean from afar or not at all. There is wide variety. If you love the beach, this is still the place to live. When you are home, you don’t spend your time looking out a window either you are watching television, reading or getting dressed to go to the beach. It is only minutes away!

For more details -Click here to see the report

: Median Price is the Same $480,000

No much to say when there was only one sale except that we expect this to pick up quickly. Seven new listings are good news for buyers who want to live at the beach this Spring or Summer. Get your tan and a tax deduction for your monthly payment.

2012 Coto De Caza Starts the Year with A Rush!

Cathleen Pryor — Mon, 06 Feb 2012 16:56:46 +0000

: New Inventory Jumps to 54

Happy New Year! The sellers in Coto de Caza are back on the market. This is the most new inventory we have seen for months. There are more than 1,000 residences in this guard-gated community, everything from one bedroom condominiums to $20 million dollar estates. If you prefer a climate close to the coast but warmer and drier with more of a ranch feel (sagebrush, mountains, ravines with wildlife), this is the place for you. The beach is still only 30 minutes away and you are within 10-15 minutes of the toll roads and freeways. We now have 50 new listings for you to choose from.

Sales were up by 20% over January 2011. Still, 31 sales leave some of the old inventory on the market so buyers have bargaining power. This is the time to catch those terrific interest rates and move up if you want. You may sell your old home for close to what you paid for it but you will get a larger, discounted home with a minimal tax base and live where you always wanted.

: Average Price Jumps to $740,303

The most expensive home sold for $2.65 million but the average price shows that most homes sold well below that. The average price did move up significantly from the Fall Quarter of 2011. We have not seen this large of a number since last summer and it is well above last January. This year is off to a great start.

: Median Price Pops up to $610,000

The median price experienced a modest upward tick. This median price is well within the range during all of 2011. This shows you that half of the homes sold were priced below $610,000. You can find a residence in your price range if you are looking at coastal prices. There are bargains. In fact, there was a very nice one bedroom, one bathroom condominium that sold for $140,000.

For all the details – Click here to see the report

Laguna Beach Homes Sales are Picking Up Steam

Cathleen Pryor — Sun, 22 Jan 2012 23:13:33 +0000

Strongest Sales Month for Laguna Beach in 2012

Santa Claus put new homes under the tree for our Laguna Beach buyers. December was the highest sales month all year and it was preceded by three very strong sales months. Inventory swamped sales for most of the year so there still is a good selection. Some of our owners want prices over market but the average asking price has been pretty much a mirror image of the sales prices. Sellers have always been willing to make concessions for the right buyer, especially a cash buyer who can close early or late and will accommodate the seller.

The days on market have decreased over the past three months. It seems we have sold much of that new summer inventory. Winter is also a good buying season for Laguna Beach. The beach skies are crystal clear, weather is moderate, and the winter skiing is only three hours a way. Anyone staying here after the Rose Bowl would find it hard to go back to Wisconsin.

Average Price Drops To $1,780,741

This is a fairly impressive average price, no? Still it has dropped from the last two months averages. 6 Barranca Way was on the market for $8,495,000 and finally sold after 543 days for $7,362,000. The seller took over a million dollars off his price. There were 29 sales for the month and only one other sale was over $3 million. It was a happy Christmas for them! As I mentioned above when the sellers finally drop their prices to a reasonable level for the buyers, the home will sell for close to the price. Or at least within 5 – 8% of the price. Some buyers make the mistake of offering 20% or 30% below the price and expect to get a counter offer from the seller. They are usually just ignored which can be frustrating after hearing on the news that prices have plummeted. Those reporters are looking for the worst case scenarios to highlight. That keeps the viewers interested even if the information is not applicable to that specific market. We have some devastated areas in California but the coastal areas of Orange County homes are selling.

: This is by far the Lowest Median Price in the Last 4 Months

The Median Price for December was $1,190,000. The prices ranged from $360,000 up to the $7,362,000 but the one in the middle of all the sales was just about $1.2 million. The median price has jumped all over the place this year. There are lots of expensive homes with beautiful views but there are some inexpensive little homes that would be considered tear-downs. To build a nice one on the lot you have to get approvals from the City of Laguna Beach. That takes lots of time and patience.

To see all the information on the sold homes, lists of the monthly sales, individual sales and details on each house- Click here to see the report

San Clemente Condos Finish 2012 in a Rush to Buy

Cathleen Pryor — Mon, 16 Jan 2012 20:56:17 +0000

San Clemente Condo Sales Completely Turn Around

December was one of the hottest months for sales in 2011. Who knew? August was slow, September awful, then October was great, November really good for that month and December finishes the year with 19 sales, one of the best months all year. Inventory is way down now. The past three months sales have swept the new inventory off the market and a number of the old listings. Whew! Now we need our sellers to come back on the market. The average days on market dropped to 133, it had been as high as 193 in June. There are many cash buyers out there who can close quickly and usually decrease the average Days on Market figure but the lenders have also been faster to get the loans out. You certainly need to be completely qualified before you start. This is not the time to get a pre-qualification from a random internet site. Mike Munzing has an excellent site with a complete application form for you to fill out and see what you can qualify for. And there is always your bank. Just bring everything, two years tax returns, three months banking statements, investment statements, and your last two paystubs. Then you avoid nasty surprises in escrow. People have had bad credit experiences in this recession and some have to submit additional paperwork to get their loan approved.

For all the details on the 2011 sales organized by month – Click here to see the report

: The Average Price Drops to $358,618

The average price decreased $23,000 from last month and was one of the lowest for the entire year. Some really inexpensive condos sold but there was one condo priced at $1,280,000 that sold for $1,101,750. It still sold for way over a million dollars but the sellers gave a 14% discount on the price. It was on the market for less than 3 months. The condo on the market for the longest length of time was listed for 303 days. A long year for that seller!

: Median Price Dips to $330,000

There were only two other months with lower median prices. Half of the 19 condos were sold for less than this price and half were sold above this price. It is a good indicator of the real price of the sold condos and is not as easily manipulated as the average. The cheapest condo sold for $128,000. Now that is one great way to get into the housing market in San Clemente and work your way up the real estate ladder. Rentals are in great demand in San Clemente, especially during the summer months and winter vacations. It can pay you to rent out your condo and go vacation or stay with relatives for a few weeks or a month.

2011 Results for Aliso Viejo Condos Shows Sales Surging

Cathleen Pryor — Sat, 14 Jan 2012 00:21:54 +0000

December Sales Up 10% - All Sales Up for 3 Months in a Row. Average Price One of the Lowest in 2011 $297,720

The buyers are enthusiastic about Aliso Viejo. New listings have decreased each month for the last three months but sales activity has increased significantly at the same time! One of the best sales months all year was in December. Look at that green column. The new inventory (blue column) is decreasing over the last few months of the year compared to the beginning of 2011. This means buyers better get busy if they are waiting for prices to go down. Inventory is disappearing and prices will go up once there are more buyers competing for fewer properties. The average days on market appear to be fairly stable. Most proprties close escrow 4 months from the date the are first put on the market. That usually means the property is on the market for around two months, then put in escrow for the inspections to be done and the appraisal completed, then the loan has to be approved by the Underwriters at the banks and the loan documents ordered and emailed to escrow. Those are signed, sent back, and the loan is funded. Then the County Recorder’s office records the transfer in ownership.

For each of the last 12 months of sales – Click here to see the report

Average Price for December is one of the lowest in 2011

Some very old inventory moved off the books last month. A large number of sales took 7-12 months. Of course, those would be the short sales and a few equity sellers who had priced their units too high for this market. Even short sales can start out too high. Only after stagnating on the market for a few months will the lenders lower their prices. Some of these condos are in very unfortunate locations (near busy intersections, overlooking parking lots or the freeways, etc.). But someone will always buy a property at the right price. Tenants are not as choosy as homeowners and for investors this means they can buy and rent out the unit and make a profit.

: Median Price Drops to $295,000

This is not the lowest median price in 2011 but with the large number of sales involved it is very informative about the current market. Half of the almost 50 condos that sold were above this price and half below this price. If you have $295,000-$300,000 to spend, you can find a very nice condo in Aliso Viejo. This community is very popular with the younger segment of the population. It has a good supply of detached condos which appear to be small homes but they have advantages for some buyers. There are a few communities that even have landscaping services take care of all the front lawns. They are definitely cheaper than the single family homes.

Dana Point Home Sales Drop Like a Rock at Year End

Cathleen Pryor — Tue, 10 Jan 2012 16:36:09 +0000

: Dana Point Sales Drop by 50%

What happened to our buyers? Only ten sales in the month of December? Ouch! This was the slowest sales month since last January. Inventory had been moving fairly well since May. Sales were exceeding or at least keeping pace with new inventory. Gradually that decreased the inventory and many of the good ones had been bought, but eighteen new homes came on the market in December. Let’s hope January is brisk and this month is just an aberration. Two homes sold for at or near $1.2 million. And yes, these homes had killer views of the ocean. Otherwise the homes ranged between $500,000 and $700,000. The days on the market dropped as you would expect with shrinking inventory from 158 to the lowest all year, 123. It is very possible many of the new listings are in escrow. December has two holiday weekends to contend with, Christmas and New Year’s. Many of the staff at the lenders, escrow and the Recorder’s office take vacation days and the whole escrow process can take an extra day or two which throws it into January. Let’s hope so.

Details? Click here to see the report

: Average Price Drops to $716,259

The good news is the sellers gave the buyers an average discount of 6% off the listing price to get the home sold. At $716,259 the monthly price was at the bottom of the monthly statistics for the year along with two other months. And it dropped from $851,833 the month prior. But with only ten sales, this number will be best viewed in perspective in a few months.

: Median Sales Price Stabilizes in 2011

Not much action here. If you had $650,000 to spend in 2011, you could be living in Dana Point and enjoying living minutes from the Pacific Ocean.

Contact me if you are interested in a home or investment in Dana Point! There are beautiful tracts and areas all over the city.