Is $2,000,000 the new $1,000,000 in Laguna Beach real estate?
It doesn’t seem that long ago that there were a fair number of homes for sale in Laguna Beach priced below $1,000,000. Currently there are just 6 (as of mid-January ’16). Laguna Beach has always seen higher pricing than many neighboring cities and it’s been very difficult the last few years to find homes priced less than 1m. Now it’s practically impossible.
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There are currently only 23 homes priced under $1,500,000. Between $1,500,000 and $2,000,000 there are 16 homes for sale. Above $2m there are 113 homes for sale.
Here's an interesting statistic that illustrates the point:
2013 - 34 homes sold in the first 6 months below $1,000,000
2014 - 12 homes sold in the first 6 months below $1,000,000
2015- 19 homes sold in the entire year below $1,000,000
It seems clear that since there are so few homes being offered below $1M that $2,000,000 is the new $1,000,000.
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Provided courtesy of Brian Jones
Coldwell Banker Residential Brokerage
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