I have been hearing some real estate agents lately hyping the market (again). Don't believe it, at least in Newport Coast and Laguna Beach.
The latest housing numbers for sales during July 2012 have just been released and have been published by Dataquick, a reliable source. Guess what? The median price numbers show a continued plunge in Laguna Beach and Newport Coast. 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. Corona Del Mar is showing a resurgence - up a lot from the dog days of last summer.
July is the height of the summer buying season, when things are strongest. It will be downhill to December in these markets. In my opinion, the buyers of this summer could lose more on their home values as we get closer to December. More buyers remorse on the horizon.....
Here are the numbers:
The highlights:
Laguna Beach:
Only 40 homes sold, median price down 5.7% to $1,375,000.
Coronal Del Mar:
only 19 homes sold, median price UP 49.2% to $1,750,000.
Newport Coast:
only 13 homes sold, median price down 8.1% to $1,590,000
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