My Laguna Beach real estate market report for February 2019 reviews residential home sales data in Laguna Beach for the prior month, January 2019.
Laguna Beach Real Estate Sales Data
In January of 2019, a total of 22 residences were sold in Laguna Beach. The number of home sales in January was up 69% from December sales (in December, only 13 homes were sold in Laguna).
Historically, December has the lowest home sales out of the entire year, so this can at least partially explain the 69% jump in sales from December to January.
Laguna Beach Real Estate Prices are Falling
In January, 91% of the homes that sold were sold below asking price. Also in January, both the average and median prices of Laguna Beach homes fell from the prior month (the average price decreased 3%, and the median price decreased by 7%).
Laguna Beach is Still a “Seller’s Market” but Market is Slowing
Overall, the Laguna Beach real estate market remained a seller’s market, which is reflected by the low inventory of 1.93 months.
1.93 months of inventory means it would take less than two months to sell all of the existing homes listed for sale, if no new homes were placed on the market.
The good news for buyers is, home inventory is increasing in Laguna Beach, which should also bring home prices down.
Further, in the $2.5-3MM price range, there was no absorption, which means 7 homes sat idly on the market in this price band with no closed or pending sales. This could be a reflection of the truth that when the real estate market begins to slow, it begins to slow in the luxury market first (the luxury market is usually defined as homes for sale above $2MM).
Another indicator that the pendulum is swinging in favor of buyers is that inventory grew substantially in the $1.5-$2MM range. Historically, the highest number of home sales in Laguna Beach falls between the $1-$2MM price range. Inventory in this price range grew 130% from December to January.
While still technically a seller’s market, it appears the Laguna Beach real estate market is shifting substantially.
Buy Real Estate in Orange County
Whether you have your home picked out and are ready to submit an offer, or you need help searching the real estate market for a home that’s just right for you – I am here to help. Just click below to contact me to get started.
A second generation real estate broker living in Laguna Beach, CA. Need help with Orange County real estate? Call/ text 949-973-6478. Follow: @diglagunabeach