Southern California is gearing up to have a solid year in real estate. According to a new report from real estate data firm CoreLogic, more homes are selling even as home prices are growing. The Irvine-based firm reported that home sales grew 11 percent in March from a year earlier. This is only the third gain in seen in Southern California home sales in the last 18 months.
Home prices have also gained, but not so much that buyers are being priced out of the market too quickly. In February the median price for a home in Southern California rose 2.4 percent to $425,000. The previous median had been vacillating around $415,000 since last May.
Strong job growth throughout the state has helped empower home buyers to get active on the market. Sales grew throughout the six county Southern California region. Los Angeles posted the largest gain with 12.5 percent, while Orange County rose by 8.9 percent. These strong upticks are indicative of the market getting off to a strong start to the busy spring market, but analysts would like to see growing inventory to keep this momentum going throughout the rest of the spring and summer.
“If that inventory doesn’t come online, you will see something very akin to San Francisco,” Redfin chief economist Nela Richardson said to Los Angeles Times. “We are in this kind of pivotal point in L.A.”
Home Inventory Grows in Laguna Beach
Although the inventory outlook in many areas of the country has market watchers a little nervous for the future of the housing market, spring market has brought a steadier stream of homes to the market. Laguna Beach in particular, is one market in which inventory is on the gaining trend, and this bodes well for luxury home buyers looking to move up in 2015.
Altos Research, a California-based real estate analytics company, reports inventory has been gaining since early in January. The current inventory level sits at 179 properties, which is still low for this highly desired community, but it gives the market a good starting point and sets it up for important growth as the market gains steam throughout the rest of the season.
Home values in Laguna Beach have downgraded over the last few weeks, coming to a median single-family home value of $3,184,615 as of April 17. Before this recent dip, home values had been gaining since November 2014. For a period of about five months, which are typically quiet months for real estate where low activity drives prices upward, Laguna Beach saw a steep gain in local home values with the median value rising from $2.5 million to about $3.25 million.
Laguna Beach homes have also been gaining more per square foot for the better part of the last year. As of April 17, the median price per square foot has reached $1,172.
If you are interested in Laguna Beach homes for sale, please contact our team of luxury property experts today.