With its coves of pristine sandy beaches, magnificent hillside views and blissful Mediterranean climate, Laguna Beach is one of the most perfect Southern California communities for the luxury home buyer. The stunning homes that dot the hillsides of the San Joaquin hills give local home owners the perfect opportunity to take in the breathtaking natural surroundings of while the locale within Orange County affords for the perfect feeling of community and camaraderie in an area that boasts attractions for boaters, surfers and those interested in maintaining an active and healthy lifestyle.
Given all of these wonderful attributes, it’s no wonder that Laguna Beach is one of the most sought-after areas to live in throughout the country. Luxury buyers from all over the U.S. and the world flock to Laguna for its world-famous natural amenities, but how is that reflected in the local housing market?
Looking at the latest data from Altos Research, a California-based real estate analytics company, Laguna Beach is the perfect community with conditions ripe for any luxury home buyer. As of July 4, the median single-family home value in Laguna Beach is $2,666,308. This value has been on a slight downturn since March 1 when prices climbed to an excess of $2.85 million and then began a steady down fall.
That downturn is most likely due to the somewhat stagnant home sales activity that Southern California has been experiencing as of late. Tight inventory and rising prices had kept many home buyers at bay. In Laguna, this means that the luxury buyer is in for a great deal as this lull has brought prices down slightly.
Luxury Laguna Beach Home Buyers Find Favorable Conditions
Altos’ unique figure known as the Market Action Index, indicates from a neutral value of 30 whether housing market conditions are moving up in favor of home sellers or down in favor of home buyers. At 28.99, Laguna’s MAI indicates that there are plenty of homes on the market and it is really the seller’s opportunity to pick out a great home from an uncharacteristically high inventory.
As of July 4, Altos reported an inventory in Laguna Beach of 201 properties. This isn’t an astronomically high value for the area by any means, but it is enough to give interested home buyers in the area plenty of luxury properties to pick and choose from.
Homes are being snatched off the market faster and faster every week. Currently, the average days that a home is listed before it is sold is 139 and falling. This is a bit longer than what is typically seen in the traditional housing market, but in the luxury market it is right on track with healthy conditions. With plenty of time and plenty of homes to choose from, Laguna Beach real estate is truly a buyer’s playground.
If you are interested in Laguna Beach homes, please contact our team of property experts today!