Tag Archives: Orange County California

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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The Irvine housing market

Aerial view of Orange County, California, the ...
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The Irvine housing market, a small portion of the Orange County real estate market, may see an increase in median price in the next few years. According to a June 3, 2010 article from the Orange County Register, “Chapman U. professors are out with their semiannual economic forecast for Orange County! Here’s what they said about home prices: After price losses for Orange County single-family homes – by their mat that’s tied to resale medians – of 0.9% in 2007; 23.2% in 2008; and 12.3% in 2009…O.C. prices will rise 6% in 2010 and 5.3% in 2011. (Or a combined 11.6% gain in 2 years!)” The piece by Jon Lansner went on to state that “Future affordability will be lower as higher mortgage rates will overwhelm weak projected increases in median family income.”

The average price of an Irvine home for sale increased in the latest tracking period, according to a June 4, 2010 article from the Orange County Register. That piece said that “For the 22 business days ending May 18 – DataQuick’s latest real estate buying report – Orange County saw…$440,000 median selling price that is up 12.8% vs. a year ago yet -32% below June 2007’s peak of $645,000.” The article continued to state that “A median of $440,000 was last seen in Orange County in August 2008. The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 – a current bottom that was 43% below the peak. The median selling price of an Orange County single-family home is 30% less than their peak pricing (June ’07) while condos sell 37% below their peak in 2006.”

The overall economic climate of Orange County should aid the eventual recovery of Irvine real estate. According to a June 3, 2010 article from the OC Metro, “Attendees got what they came for with news that an uptick in new jobs, consumer confidence and median home prices all point to a ‘weak but sustained recovery through 2011.’ The lagging construction industry, however, is expected to stall a more robust rebound. Typically, GDP growth is in the 6 percent range following a recession. Chapman’s forecast last December called for a mild recovery – around 3 percent.”

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Newport Beach real estate market

The Newport Center Skyline in Newport Beach, C...
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The Newport Beach real estate market, a subsidiary of the larger Orange County real estate market, continued to show a mixture of strengths and weaknesses independently and general strength compared to some neighboring counties. According to a May 17, 2010 article in the OC Metro, “Foreclosures and housing demand in Orange County earned high marks in a recent report from Altera Real Estate President Steven Thomas, though the region’s active inventory and the short-sales picture didn’t fare so well.” The piece, written by Kristen Schott, went on to say that “Thomas, who released biweekly studies of the region’s residential real estate market, gave the state of foreclosures and A, and demand, or the number of new pending sales in the region, received a B+. However, the region’s active inventory garnered a C- and short sales, which Thomas said dominate the market, got an F+.”

Regardless of these two trouble spots, Newport Beach homes for sale fared much better than their neighbors outside of Orange County in the rest of Southern California. According to a May 18, 2010 article from OCLNN, “Orange County saw stronger gains in home sales and price compared to all other Southern California counties during April. The median home price in Orange County jumped 13.2 percent since April 2009, to $430,000, according to DataQuick, a San Diego-based real estate information service.” The article by Mike Reicher went on to note that “The coastal counties have been performing well in recent months, nudging up the region’s median home price to $285,000, according to DataQuick. That’s 15.4 percent higher than in April 2009. One reason for the higher prices is that most of the region’s deeply discounted foreclosures had been sold.”

Taken with the rest of the Southern California real estate market, Newport Beach real estate sales figures remained generally static, according to a May 18, 2010 article from Reuters. This article found that “Sales of new and resale homes totaled 20,299 in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties last month, down 0.9 percent from March and down 1.0 percent from a year earlier, the report from the real estate information service said.”

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