Orange County, Ca Real Estate Market Trends

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Market Update for Orange County Coastal Homes
February 2008 report

A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of 2008 if loan limits are increased, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates. “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.

This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let’s take a look at the sales statistics for Orange County in January 2008 to see how the year started off:

Jan 2008 figures for Dana Point show the number of new listings increased 29 percent compared to 2007. Home sales decreased by 54 percent during the same time period, while market times decreased to 86 days or by 5 percent. The average sales price increased 31percent to $1,257,538.

Dana Point	New Listings	Sold Listings	Average Sales price	Average DOM
Jan 2008	79	13	$1,257,538	86
Jan 2007	108	28	$963,432	91

New listings in Laguna Beach increased by 33 percent in January and the number of homes that sold decreased by 31 percent. Market times increased 53 percent and the average sales price increased 51 percent to $3,235,216.

Laguna Beach	New Listings	Sold Listings	Average Sales Price	Average DOM
Jan 2008	77	11	$3,235,216	161
Jan 2007	58	16	$2,136,750	105

Laguna Niguel reported a 25 percent decrease in new listings in Jan compared to a year earlier. Market times were increased by 15 percent as the number of homes sold dropped 27 percent. The average sales price in Laguna Niguel declined by 15 percent to $742,080.

Laguna Niguel	New Listings	Sold Listings	Average Sales Price	Average DOM
Jan 2008	136	38	$742,080	104
Jan 2007	191	52	$870,450	89

Mission Viejo's average sales price decreased 9 percent to $659,000, while sales decreased by 65 percent and market times increased 18 percent. The number of new listings decreased by 51 percent.

Mission Viejo	New Listings	Sold Listings	Average Sales Price	Average DOM
Jan 2008	149	29	$659,000	101
Jan 2007	303	84	$692,260	83

The San Clemente average sales price dropped 13 percent compared to Jan 2007, bringing the average price to $941,872. The number of new listings decreased 32 percent, while sales decreased 27 percent. Meanwhile, the average market time increased 16 percent, with average market times of 116 days vs. 100 days in 2007.

San Clemente	New Listings	Sold Listings	Average Sales Price	Average DOM
Jan 2008	131	30	$941,872	116
Jan 2007	193	41	$1,076,799	100

San Juan Capistrano's average sales price decreased 13 percent, bringing the average price to $943,923. The number of new listings increased by 6 percent, while market times increased 15 days or 16 percent. Sales decreased 27 percent.

San Juan Capistrano	New Listings	Sold Listings	Average Sales Price	Average DOM
Jan 2008	79	16	$943,923	109
Jan 2007	73	22	$1,058,890	94

All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.

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