April 2020 Laguna Beach Real Estate Magazine Page 1:
First the bad news. The median sold price dropped another $245,000 to $1,475,000 for a total of $520,000 in declines since the shutdown. The $ per square foot fell to 847, the lowest print since June 2016.
With only 15 sales and 194 homes for sale as of May 1st, the supply of homes more than doubled to 12.9 months. The supply of $3-5,000,000 homes slipped from 9.6 months to just over 15 months.
The over $10,000,000 market – without a single sale year-to-date – was particularly bad with a 65-month supply of homes.
The good news? The days on market was only 25 days. It would seem well-priced homes sell quickly even in a pandemic.
Also, with the pending median $920,000 higher than April’s sold median - though I remain long term bearish – my short-term Pending Indicator has just issued it’s strongest up signal ever. If these escrows close, prices should rally soon – probably this month. No guarantees.
Market watchers go to my at blog www.LagunaGalleryRealEstate.com for regular updates. I try to post daily.
Sellers call me now before it too late. I am a distressed market expert and can help you sell your home quickly at the highest price.
Buyers, I have a plan. Call me for the opportunity of a lifetime.
Stay safe and have an excellent May.