Dana Point continues to be a strong seller’s market as of June 2024, with high demand contributing to higher prices and quick sales. Here’s a detailed look at the latest market trends and statistics:

Market Overview

Seller's Market: Dana Point is characterized as a seller's market, meaning that home prices are typically higher and properties tend to sell faster.

Median Home Price: The median price for homes sold in Dana Point in June 2024 was $1,615,000, marking a 3.1% increase from the previous year.

Price per Square Foot: The median price per square foot in June 2024 was $894.

Home Prices by Bedroom Type

1 Bedroom Homes: Prices decreased by 5.4% compared to the previous year.

2 Bedroom Homes: Prices decreased by 9.1%.

3 Bedroom Homes: Prices increased by 9.1%.

4 Bedroom Homes: Prices increased by 3.6%.

5+ Bedroom Homes: Prices decreased by 40%.

Inventory and Sales Activity

Homes for Sale: There were 197 homes for sale in June 2024, representing a 6.5% increase from May 2024.

Sales and Pending Sales: A total of 34 homes were sold or pending sale in June 2024, a 13.3% increase from the previous month.

Sales Price Analysis

Below Asking Price: 62% of homes were sold below the asking price.

At Asking Price: 6% of homes were sold at the asking price.

Above Asking Price: 32% of homes were sold above the asking price.

Time on Market

Average Days on Market: Homes in Dana Point averaged 43 days on the market in June 2024, a decrease of 15.2% from last year.

Speed of Sales:

56% of homes were sold within 30 days.

35% of homes were sold within 30 to 90 days.

9% of homes were sold after being on the market for over 90 days.

Summary

The Dana Point real estate market remains favorable for sellers, with increasing home prices and relatively quick sales. Despite some decreases in the prices of 1 and 2 bedroom homes, the overall market shows robust activity with a notable percentage of homes selling at or above the asking price. The increase in inventory provides more options for buyers, yet the demand keeps competition and prices elevated.

Stay tuned for future updates and detailed analyses of the Dana Point real estate market.