There has been much talk latley on Television and in the Newspapers, about a drop in house prices in Southern California. The fact of the matter is, home prices have not dropped here in Laguna Niguel. Granted, the rate of sales has slowed down dramatically from about 60 detached home sales per month 1 year ago, to about 30 home sales per month today. Also, many home sellers have had to make reductions to the asking price before the home sold, but many of those homes were probably overpriced in the firt placed. When one looks at the average price per square foot of homes sold, prices hasve held steady or even increased a bit recently as compared to 3 months ago, and have increased substantially as compared to a year ago.
The price per square foot is considered to be the most acurate analysis for estimating average house values. The simple average of all homes sold can be skewed by the sale of a small number of very expensive homes. And the Median, although more accurate than the Average, can also be misleading if a higher number of purchases were for smaller and less expensive homes. This analysis looks at the Average price pre square foot for both Attached and Detached houses.
For the past 3 months, the average price per square foot for detached homes in Laguna Niguel was $434, as compared to the previous 3 months which was $425 per square foot, and for the first 3 months of 2005, the price per square foot was $382. As can be seen, prices have advanced by about 13.5% from last year, and have increased slighlty in the past 3 months.
For Attached housing in the past 3 months, the average price per square foot for a Condo in Laguna Nguel was $418, as compared to the previous 3 months which was $411 per square foot, and for the first 3 mnths of 2005, the average price per square foot was $381. Again, a slight incresase in the past 3 months, and about a 9.6% increase from last year this time.
We also track months of inventory every week for the past 3 years, which also shows a marked slow down in the local real estate markets, but it hs not slowed down enough to cause a drop in actual sales prices. Where do we go from here? No one knows for sure, but based upon the low levels of avalable housing, continued low interest rate loans, and strong employement and subsequent demand, we do not forsee a drop in Laguna Niguel real estate prices. On the contrary, we forsee single digit appreciation for this year.
To view all homes for sale in Laguna Niguel, visit our website at: Laguna Niguel Real Estate.
The Brisa Del Lago subdivision in Rancho Santa Margarita is very popular with first time home buyers. In 2005', 
