April 2011 Laguna Beach Real Estate Market Update

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As of April 30:

Closed Sales

27 properties have closed which is consistent with the average closed sales for the last 6 months.

Most of the action – 16 were below $1m

6 were between $1m to $2m

5 were over $2m (1 was a $3m short sale, 2 were in Emerald Bay at $5.4m and 1 was $3.8m in North Laguna)

3 of the 22 sales were condos

2 closed sales were short sales and 4 were foreclosures

 

Offers that have been accepted:

New sales activity has slowed this month with 24 homes going into escrow thus far.

10 are below $1m, 9 are between $1m and $2m, and 5 are above $2m ($4.5m, $3.2m, $3.6m, $3.1m and $6.2m)

 

Homes on the market

The number of listings ‘for sale’ has steadily increased to 343 properties. 167 are over $2m.

For sfr’s less than a million there is 2.2 months inventory based on the current sales rate.

6 months inventory for homes between $1m to $2m

There are 5 properties in foreclosure for sale which is consistent with the last couple months.

There are 32 short sale listings, which is a slight increase.

80 properties (23% of homes for sale) had price decreases month to date, which is trending up a bit