Dana Point Real Estate Market Update

Quarter Ended 3/31/2011 vs 3/31/2010

Posted on April 14, 2011 by Admin.

Dana Point real estate for the quarter ended March 31, 2011 showed a median price increase of 6.9% to $774,797 for Dana Point homes and Dana Point condos, meaning that more higher priced properties were clearing the market and buyer confidence continues to improve.

Total sales year to date are down a total of 5 units to 80, primarily attributed to the demand last year moving forward to the first quarter for first-time homebuyers to capitalize on the first time homebuyer tax credit that they could carry back to their tax return for the prior year as long as they closed before April 15th.  This year we are seeing a shift back to the busy buying season of spring and summer.

The average list price of Dana Point real estate is down 3.5% this year and there are 10% more new listings on the market.  The increased in new listings illustrates more seller confidence in the marketplace.

The amount of inventory on the market in Dana Point still remained high at 11 months based on sales year-to-date, however, luxury homes do have a longer sales cycle than homes that the median income within a community can afford.

For more information, including sales in a neighborhood of interest, please feel free to contact us.

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