Wednesday, March 4, 2009

January Home Sale Prices Crater in Laguna

My prior post on January Laguna Beach home prices was based only on data through January 15.

Well, the last two weeks of January were ***MUCH**** worse.

When all the January numbers from Dataquick were in, the median home price in Laguna Beach was down to $825,000, a whopping 50% decrease over last year. This is single family home data only, and does not include condos.

You know that this means.

No one who is sane is buying any of the overpriced homes on the Laguna Beach MLS. The few sales that did happen? I chalk that up to the "moron" factor - ill informed buyers who have made catastrophic buying decisions.

There has been a drastic step change downward in the true home values in Laguna Beach. The median home prices in Corona Del Mar, Newport and Newport Coast also dropped like lead balloons.

Are there any agents out there who disagree? Sellers? Buyers?


Anonymous said...

Blue, doesn't this big drop in the median price mean that the very low end, in price, is selling?

Anonymous said...


Where do you get your data? Can you provide a link?

Mr. Blue said...

Good comments.

Anon 1 - the big drop means that the very low end is selling. But the big story is that everything above the low end is NOT selling. This means that those home values just went down.

Anon 2 - the numbers are from Dataquick. I have put a link in the story. I should have done this in the first place.