Laguna Niguel and Dana Point Housing Market Report
Real estate sales statistics are always local and vary greatly even between cities, neighborhoods and price ranges. The cities of Laguna Niguel and Dana Point are in South Orange County CA and they have a wide variety of home sizes and prices. Entry level detached homes start about $600,000 and range into the multi-millions. By the way an ocean view always adds value (from 10% to 100%) typically 20% at least.
County wide inventory is not keeping up with demand, according to economist Steven Thomas. Most notably in the entry level market and single family homes under a million. Shades of spring 2013, before the interest rate increases of that summer, we are now having multiple offer situations. One of my listings sold in one week with one buyer and one of my buyers faced NINE offers on a different home at $800,000. That price by the way would be over the all time high for that particular neighborhood. Click here to search for homes. The RED line, showing 2015 inventory, falls below the BLUE line which represents inventory in 2014.
Laguna Niguel and Dana Point experienced about a 30% price correction after the crash in 2007. Once the short sales began to disappear in 2012 the prices jumped quickly through May of 2013. Since then I have been telling my clients that we had NOT returned to the pre-crash pricing. Now I may have to rethink that statement as I am seeing some price ranges return to peak levels if they are in great condition.
Buyers are beginning to feel the frustration of low inventory and especially low inventory of remodeled properties. If home sellers have a unique location and superior condition they can expect to reach near record sale prices or over. Buyers however are more picky than ever and don't want to pay even market averages for properties with a lot of deferred maintenance.
The Strands at Dana Point
Laguna Niguel and Dana Point home sellers and home buyers as always are experiencing the results of supply and demand in the housing market. Buyers are trying to get their dream home before the interest rates rise again.
For expert Realtor advice and representation call RON BUCK at Keller Williams Realty. BRE 01364665. www.RonBuckGroup.com.
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