The May numbers are in and the median prices is still plunging downward. According to Dataquick, the median price for a single family home in Laguna Beach in May declined to $985,000. This is the first time I have seen it below $1,000,000.
What does this mean? The high end in Laguna Beach is still weak. The value of these homes is going down or are not selling and this is pushing the median price downward. The trend is down. Be careful if you are buying - factor this into any offers you make.
Real estate agents are, of course, welcome to comment.
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