Laguna Beach real estate market

Overlooking Heisler Park in Laguna Beach, Cali...
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The Laguna Beach real estate market, a more expensive section of the larger Orange County housing market, showed signs of improvement, although not as strongly as the rest of the region. According to a June 14, 2010 article in the Orange County Register, “From a Laguna Beach perspective, the latest Orange County home inventory report from Steve Thomas at Altera Real Estate – as of June 10 – shows these conditions vs. countywide trends.” The piece went on to state that “The newest ‘market time’ of Laguna Beach – Thomas’ math that tracks [the] theoretical time it would take to sell all listed homes at the pace of new escrows opened – is 10.06 months. That is -27.6% (or roughly 115 days) in a year. Over two years, it’s -27% or 111 days. ‘Market time’ of Laguna Beach is +206 days vs. Orange County’s overall time to sell.”

A larger number of Laguna Beach homes were facing foreclosure or distressed sales in recent months. According to a June 15, 2010 article from the Orange County Register, “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase. The inventory has not surpassed the 3,000 mark since June of last year.” The article, based heavily off the analysis of Steve Thomas and composed by Marilyn Kalfus, continued to state that “Last year at this time, there were 3,062 distressed homes on the market, representing 33% of the active inventory. The number of foreclosures within the active listing inventory dropped by three homes in the past two weeks from 533 to 530. The expected market time for foreclosures is 1.45 months, an extremely hot seller’s market.”

The overall Orange County housing market, including the Laguna Beach real estate market, also improved substantially. According to a June 15, 2010 article in the OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick.”

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