Archive for June, 2012
Inventory levels are down substantially, at their lowest levels since 2005 in some areas. Buyers are out looking for homes and not finding enough homes on the market. The distressed properties (the short sales and bank owned) have dropped 50% from last year, an interesting turnaround from our recent few years. Yes, I am optimistic after looking at the statistics for Dana Point homes, Laguna Niguel homes, and Laguna Beach homes.
Laguna Niguel homes sold continues to see only 2-3 month’s supply of inventory for homes selling under $1,199,000, then that supply of inventory number jumps up quite a bit above that price range. The supply of inventory simply is calculated by taking the rate at which buyers are buying and dividing that rate by the current inventory in that price range.
Dana Point homes sold are very active under the price range of $800,000 with many homes being sold and not a lot of inventory. By contrast, those Dana Point homes that are on the market for greater than $800,000, in general could be staying on the market up to 3 times longer.
Laguna Beach homes sold are hot under $1,000,000 with a current supply of 3 months. Laguna Beach homes that are currently on the market in the range of $1,000,000-$2,000,000 will see a supply of 6-7 months of inventory. Then those Laguna Beach homes priced greater than $2,000,000 have much competition to attract buyers as so much is available to choose from, with few sales occurring.