Sunday, February 20, 2011

January Home Sale Data Shows Continued Weakness in Laguna Beach

The latest housing numbers for sales during January 2011 have just been released and have been published by Dataquick, a reliable source.  The median price numbers show a continued plunge in Laguna Beach, while Newport Coast has posted a good increase. The takeaway? Buyers in Laguna Beach need to be careful that they are not paying too much for a home that is declining in value every month.

I doubt home values in Newport Coast are actually going up - the median price increase probably is likely to more sales of discounted high end homes as compared to a year ago.  More high end homes than low end homes sold in January in Newport Coast as compared to last year.  Less high end homes sold in Laguna Beach and Corona Del Mar, as compared to low end homes.

The highlights:
Laguna Beach:
only 27 homes sold, median price down 16.7% to $1,020,000.

Coronal Del Mar:
only 12 homes sold, median price down 12.5% to $1,570,000.

Newport Coast:
only 11 homes sold,  but median price up 11.2% to $1,890,000

The changes in the median price statistic probably indicate that the mix of homes sold has changed.  When the median price goes up, that indicates more higher value homes have sold as compared to lower priced homes. 

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