Dana Point Market Trends: May 2008
A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.
Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
Let’s take a look at the May sales statistics to see how things are looking in the Dana Point real estate market:
Dana Point Market Trends
May 2008 figures for Dana Point show the number of new listings decreased 24 percent compared to 2007. Home sales remained the same, while market times increased to 100 days or 45 percent. The average sales price decreased 36 percent to $898,989.
|
Dana
Point |
New
Listings |
Sold
Listings |
Average
Sales price |
Average
DOM |
|
May 2008
|
81
|
29
|
$898,989
|
100
|
|
May 2007
|
107
|
29
|
$1,404,703
|
69
|
The strongest indicators that the market is starting to improve is the decrease in the number of new listings. When the number of new listings decreases, inventory starts to decrease, resulting in a stabilization of prices.
If you want to learn more about Dana Point real estate, please call us at 949-481-3739 or by email at Contact The HartanovTeam.
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Date: Thursday, June, 26th 2008 @ 06:24:15 PMViews: 485
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