The Orange County Register just reported today that median home prices have dipped from August to September of this year. When you read a report such as this your first thought is prices are dropping here in beautiful Laguna Niguel...
The problem with these statistics is that they are too broad and may paint a slightly distorted picture. What's actually happening from August to September, is that there have been more buyers buying lower priced attached condos and smaller detached homes, then there where buyers Buying higher priced detached homes in the OC. So the median price of all homes and condos combined moves lower, even though the price of a home in a particular neighborhood may have not changed or even gone up slightly in that time period.
To demonstrate, we analyzed detached home prices in Laguna Niguel and found that the median price in August was $890,000 for a Laguna Niguel detached home and the median price in September was $949,900. Also, there were 71 homes sold in August in Laguna Niguel and 45 sold in September. Likewise in Mission Viejo, the median in August was $735,000 and the median in September was $749,000. Albeit the market has slowed down since July of this year, and price appreciation and slowed won as well, and even some asking prices have been lowered, but the actual sales prices of homes on a neighborhood by neighborhood analysis have not dropped. We will publish our Months of Inventory statistics for Laguna Niguel and Orange County in the next blog. If you would like to see online all Laguna Niguel Home for Sale, just visit our website at: Laguna Niguel Real Estate.
