Laguna Real Estate one of select few

According to statistics recently released, Laguna is one of only FOUR zip codes to show an increase in median home value from the same time last year. The four zip codes were 92651 (Laguna Beach, of course), 92662 (one of Newport Beach's, which was up a whopping 47%), 92657 (Newport Coast) and 92625 (Corona Del Mar). The average for the county was a 20% drop in median prices. As you can see it was localized in this area, but the down side was that the number of home sales dipped 32.5% for all of Orange County and 52% in Laguna! The nice homes are selling right now. Others are chasing the market.

We have larger than normal inventories, which create the choices for the buyers. If the buy can choose between two homes, one of which is updated and remodeled or one that is essentially original (outdated), but both are prices similar or close enough to compare, the buyers are moving on the former. We also have the "distress" properties that are starting to leak into Laguna's market. We had been relatively insulated, but they are starting to drive buyers, with pricing below market! If the market can move them quick enough to have the effect trickle up to the rest of the listed homes, we will have a much swifter recovery from the slow sales. If on the other hand we see the "distress" properties become too great a number, we could be seeing more price reductions. Then, Laguna won't be in the "select few" with median price increases from the year previous.

The moral of the story is that homes are selling (slowly) and the nice homes are selling for statistically more than before, so we can continue to look for the light at the end of the tunnel and surf the wave right up to the shore!

Thanks for reading and if you see me wandering through Laguna in my little grey Subaru, please say hi!!! Cole