Exploring the nuances of the Laguna Woods housing market reveals a distinctive landscape shaped by its prevalent retirement community. This analysis presents a deep dive into the median home prices and property types unique to the area, contrasting them with the broader Orange County market to position Laguna Woods in its proper context. The intent is to arm buyers with the key insights needed to navigate the market successfully. The ensuing article will detail various facets of the housing environment, from pricing trends and market velocity to property taxes and home sizes, painting a comprehensive picture of what it means to buy or sell in this idyllic locale.
Table of Contents
Laguna Woods Housing Market Data
1. Median Home Price
This section analyzes Laguna Woods, California’s housing market by detailing current home prices and breaking them down by property type. Additionally, it includes a comparison of Laguna Woods’ home prices with those in other Orange County cities, allowing for a broader understanding of its market position. The data will equip prospective buyers with valuable insights for making informed purchasing decisions in Laguna Woods.
- Current Sales Prices of Laguna Woods Homes
The table below highlights the median sales prices for homes in Laguna Woods, a city known for its prominent retirement community, which influences the types of properties available. The overall median home sales price stands at $395,000. Diving into specifics, Stock Cooperative properties, common in senior communities and offering shared amenities and services, show a median price of $352,000. Condominiums, which provide individual ownership within a community setting, typically have higher amenities and reflect a higher median sales price of $450,000. These prices offer a range of options for those looking to join this vibrant retirement community, catering to various preferences and budgets.
| Property Type | Laguna Woods Median Home Sales Price |
| All Properties | $395,000 |
| – Stock Cooperative | $352,000 |
| – Condominium | $450,000 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
- Laguna Woods Home Sales Prices Over Time
The accompanying charts reveal the median home sales prices in Laguna Woods and Orange County over time, indicating a moderate yet consistent appreciation in Laguna Woods that is less pronounced than the overall Orange County market. Within Laguna Woods, both Condominiums and Stock Cooperative properties have demonstrated a synchronized pattern of incremental growth in sales prices. This parallel increase, albeit more modest than the broader Orange County figures, reflects the specific dynamics of Laguna Woods’ housing market, influenced by its sizable retirement community. The steady climb in property values in Laguna Woods, observed from February 2021 to February 2024, underscores a growing interest in the area’s housing options, yet it also highlights the relative affordability of the community in contrast to the more volatile trends seen across Orange County.
- Current Home Sales Prices – Laguna Woods vs. Other Orange County Cities
In the Orange County real estate landscape, Laguna Woods distinctly positions itself with the most accessible median home sales prices, which is reflective of its targeted retirement community, which offers a variety of housing options catered to its residents. This sets Laguna Woods apart as a notable exception in an otherwise high-cost housing market.
2. Supply and Demand – Laguna Woods Housing Market
This section provides a comprehensive look at the supply and demand dynamics within Laguna Woods’ housing market. It outlines the total housing stock, active listings, recent sales, current inventory level, and how quickly homes are selling. A snapshot of these indicators helps illustrate the market’s fluidity and efficiency, providing prospective buyers with a clearer understanding of the pace and health of Laguna Woods’ real estate activities.
- Key Housing Market Indicators – Laguna Woods
Laguna Woods presents an active real estate market tailored to its retirement community, with approximately 13,400 residential properties and an average of 116 active listings monthly. The city has seen an average of 63 homes sold each month in the past year. The market offers a tight inventory with a 2-month supply, suggesting a seller’s market with homes moving relatively quickly, as evidenced by an average of just 17 days on the market.
| Total Homes in Laguna Woods | ~13,400 |
| Active Home Listings | 116 |
| Homes Sold | 63 |
| Inventory – Months Supply | 2.0 |
| Days on Market | 17 |
Total Homes in Laguna Woods: This refers to the approximate number of residential properties within the city.
Active Home Listings: The number of homes currently listed for sale in Laguna Woods.
Homes Sold: A count of the actual sales that have closed in a given month. Calculations are based on sold data.
Inventory – Months Supply: The inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. Also known as absorption rate.
Days on Market: The average number of days between listing a home in Laguna Woods and accepting an offer in a given month.
- Laguna Woods Active Listings vs. Homes Sold Over Time
The graph illustrates the trend of active home listings versus homes sold in Laguna Woods from February 2021 to February 2024. The number of active listings has seen a significant decrease since early 2021. Concurrently, the homes sold have had more relative stability over the same timeframe. The recent convergence suggests a narrowing gap between supply and demand, pointing towards a more balanced market. Despite the initial disparity, both metrics have converged, reflecting a market aligning closer to equilibrium.
- Current Days on Market – Laguna Woods vs. Other Orange County Cities
Homes in Laguna Woods tend to remain on the market longer than in many other Orange County cities, yet they still sell relatively swiftly, showcasing the city’s robust real estate demand within a competitive national context.
3. Property Taxes
Property taxes in California are determined by a combination of state law and county-specific regulations. Under Proposition 13, enacted in 1978, the base tax rate for properties is fixed at 1% of the assessed value. This assessed value is initially pegged to the purchase price and can only increase by a maximum of 2% annually, safeguarding homeowners from steep tax hikes when property values escalate quickly.
Orange County follows this state framework but also applies additional levies that can vary significantly between locations within the county. These can include voter-approved debt rates for city and district improvements, and direct assessments for community services like flood control and street lighting. Also, properties in areas with Mello-Roos districts may incur additional taxes for community facilities.
To help you understand, consider the property tax bill example below. It breaks down the individual components that constitute the total tax obligation. Notably, while the General Tax Levy remains constant at 1%, the aggregate of additional charges, such as special district assessments, significantly affects the overall tax bill. These variations emphasize the importance of due diligence in comprehending the full scope of property taxes when assessing the cost of homeownership in different parts of Orange County.
4. Median Home Size
This section examines the median home size and price per square foot in Laguna Woods, essential indicators for assessing property value and space. These metrics aid prospective buyers in comparing market value and understanding what their budget can secure in terms of home size, especially in relation to other areas in Orange County.
- Laguna Woods Home Size and Value
In the Orange County housing market, Laguna Woods stands out with a median home size that is considerably smaller than the majority of its neighboring cities, at approximately 1,070 square feet. Additionally, the price per square foot in Laguna Woods is noted to be $370, reflecting a market that, while more affordable per square foot than some of its upscale counterparts like Newport Beach, suggests efficient use of space tailored to the community’s needs.
| Median Home Size | ~1,070 ft2 |
| Price per Square Foot | $370 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
Laguna Woods Residents Data
1. Population
Exploring the dynamics of Laguna Woods’ population and its density offers a glimpse into the city’s living conditions and community structure. Population density, which measures the number of residents per square mile, sheds light on how closely people live together and can indicate the balance between urban development and available living space. Understanding this helps explain how population concentration impacts the social fabric, infrastructure, and lifestyle of residents in Laguna Woods in relation to other parts of Orange County.
- Laguna Woods Population Statistics
Laguna Woods has a small population of around 16,767 residents and a moderate population density of 5,013 residents per square mile, indicating a fairly comfortably populated coastal community.
| Population | 16,767 |
| Population Density (Residents per square mile) | 5,013 |
- Population Density – Laguna Woods vs. Other Orange County Cities
The middle blue shade on the map indicates that Laguna Woods has a moderate population density compared to central Orange County cities like Santa Ana and Garden Grove. This suggests that the city offers a less crowded living environment, potentially providing more space and privacy for its residents within the bustling county.
2. Employment Industries and Median Income
Exploring Laguna Woods’s economic landscape reveals the key employment sectors underpinning the local job market and the median household income, which reflect the community’s overall financial health. A deeper understanding of these factors helps frame Laguna Woods’ economic position within the wider context of Orange County.
- Laguna Woods Industries and Employment Breakdown
The leading industry in Laguna Woods is Health Care & Social Assistance, which represents a significant 19.8% of employment. Second on the list is the Retail Trade sector, accounting for 12% of the workforce. The Professional, Scientific, & Technical Services sector also plays a vital role, comprising 11.3% of employment. Additionally, Administrative & Support & Waste Management Services contribute 8.42%, and Manufacturing stands at 7.87%.
- Laguna Woods Median Household Income and Employment Rate
Laguna Woods, known for its substantial retirement community, exhibits a unique economic profile within Orange County. It has a median household income of approximately $56,928, relatively modest compared to wealthier cities throughout the county. The employment rate in Laguna Woods stands at 21.10%, a figure that reflects the city’s demographic, with a significant portion of the population being retirees not actively seeking employment. The U.S. Census Bureau data suggests that household income in Laguna Woods is likely bolstered by retirement incomes and investments rather than employment wages, aligning with the community’s retirement-focused lifestyle.
| Median Household Income | $56,928 |
| Employment Rate | 21.10% |
(ages 16 and over) that is employed, excluding those not seeking employment, such as retirees and students.
Source: US Census Bureau
3. Laguna Woods City Attractions
Laguna Woods, California, is a distinctive community primarily known for its active adult lifestyle and picturesque surroundings. Here are some of the main attractions:
- Laguna Woods Village: A vast 55+ community offering a wide array of amenities such as golf courses, swimming pools, clubhouses, and over 250 social clubs.
- Aliso Creek Riding and Hiking Trail: A beautiful trail that winds through the city and nearby areas, offering serene spots for walking, biking, and horseback riding.
- Clubhouse Four: Renowned within Laguna Woods Village for its arts and crafts facilities, including woodworking, pottery, and painting studios.
- Laguna Woods History Center: A museum dedicated to preserving and showcasing the history of Laguna Woods, providing insight into its development and community life.
- Gate 12 Area: Known for its proximity to shopping centers, restaurants, and entertainment venues, making it a convenient and lively area for residents.
- The Village Greens: A complex that includes a 27-hole golf course, a 9-hole par-3 course, lawn bowling greens, and a clubhouse with dining options.
- Saddleback Church: A prominent non-denominational church located near Laguna Woods, offering a wide range of community services and programs.
- The Performing Arts Center (PAC): Located within Laguna Woods Village, it hosts concerts, theatrical productions, movies, and lectures for the residents.
- The Equestrian Center: Offers boarding facilities for horses, riding lessons, and trail rides for residents and their guests, highlighting the city’s commitment to outdoor and recreational activities.
- Laguna Coast Wilderness Park: Though just outside Laguna Woods, this park offers extensive hiking, biking trails, and guided tours, showcasing Southern California’s natural beauty.
Laguna Woods is celebrated for its community-focused lifestyle. It offers a rich array of activities and amenities for its residents, set against the backdrop of Orange County’s scenic landscapes.
Conclusion
Wrapping up this exploration of Laguna Woods’ real estate market, the findings have shed light on a market as unique as its community. From the steadiness of home prices to the brisk pace of sales, these numbers are a testament to the area’s appeal among those looking to settle into a retirement haven. With comprehensive data on hand, the hope is to empower prospective buyers and sellers with a clear vision of Laguna Woods’ housing market, setting the stage for informed decisions and successful transitions within this vibrant community.
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