Dana Point housing prices have increased substantially in 2005′. Low interest rates, strong local job market, shortage of buildable land, and very desirable community lifestyle, have all added up to a strong real estate market that has been going on for 6 years straight. Recently though, the local Dana Point real estate market has slowed down, especially in the $1 Million plus price range.
Currently, there are 115 detached houses Active for sale in Dana Point ranging in price from $675,000 for a 2 bedroom, 1 bath, 660 square foot home, on up to $9,999,000 for a 6 bedroom, 7 bath 10,600 square foot estate located in Ritz Cove. The median price is $1,285,000 and the average days on market for these Dana Point houses is 68 days.
On this day, there are 31 detached houses currently Pending in escrow in Dana Point. The lowest priced house is $595,000 for a 3 bedroom, 1.5 bath, 990 square foot house, and the highest price house in escrow is $3,795,000 for a 4 bedroom, 4.5 bath, 5,000 square foot estate in Monarch Beach.
For the month of December, there were 22 detached houses that sold and closed escrow in Dana Point. The least expensive home was $700,000 for a 2 bed, 2.5 bath, 1,748 square foot home, on up to $3,000,000 for 4 bedroom. 3 bath, 3,100 square foot estate in Monarch Beach. The median price for detached houses sold in Dana Point in December was $897,500 with an average of 47 days on market.
The current inventory of 155 detached houses for sale and compared to the 22 houses that have sold in December, yields a months of inventory of 7 months, which is a Buyers market. Just 9 months ago, the local market was a Sellers with approximately 3 months of inventory.
For December of 2004′, there were 46 detached houses that sold ranging in price from $550,000 up to $6,495,000, with a median price was $810,000. Comparing this median price to the median price above for December 2005′, yields an annualized appreciation rate of 10%.
To view all houses for sale in Dana Point that are listed in the MLS, visit our website at: Dana Point Real Estate.
