Finding a buyer in...Dana Point

There are currently 15 homes that are pending for sale in Dana Point through the MLS, according to my search. There's a chance that not all of these sales will close (for unexpected reasons, like a sudden lack of financing or a bad inspection), but since a buyer and seller have connected, these can be interesting indicators of what it took for the sellers to successfully locate buyers in this market.

Here is more than you probably ever wanted to know about these Dana Point properties:
*11 of the 15 properties (condos and single family homes) that are pending lowered their asking price at least once. One property actually increased its asking price by $100,000 (initially lowered it by $100,000 and then raised by $200,000 - it's pictured at the left). Remember, though, that this does not mean much - the agreed sales price could be higher or lower than the asking price in all these situations.

*The average (mean) price cut among the properties that lowered their price was a whopping $214,408. The median price cut was $109,988. Average price cut of all properties was $146,000. Median price cut of all properties was $77,500. This tells you there were a few extremely large price cuts.

*The most expensive pending property had an asking price of $4,588,000 (its view is pictured at the top of the entry- it's in Ritz Cove). It was listed on Nov. 28 and went pending on Dec. 2. There was no price reduction. The cheapest property had an asking price of $289,900 (pictured right). It underwent $109,976, or 27.5% in price cuts from its initial listing price in August.

*Largest nominal price reduction: $624,000 (property pictured left). This same property also underwent the largest price cut percentage wise at 31.22%. Second-largest price reduction: $590,000.

*The average (mean) asking price of all the pending single family properties is $1,748,292. The median is $1,595,000. The median of all properties (including condos) is $1,390,000, and the mean is $1,557,173. The average of the two condos alone is $314,900.