INCREASED DEMAND AND LOW INTEREST RATES CAUSE AN UPTICK IN TUSTIN CA HOME PRICES
The already low inventory of homes for sale in Tustin, California, continued to decrease, with a drop of 10.2% from August to September 2012. Additionally, the number of available homes posted at the end of September was almost 58% below the figure documented at the end of January 2012. The massive decrease in real estate listings is the result of fewer distressed properties coupled with a major increase in home buyer demand in Tustin, California, which has been spurred by ultra low interest rates and a recent uptick in home prices.
Active Real Estate Listings in Tustin CA = 70
Highest and Lowest Priced Real Estate Listing in Tustin CA:
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Lowest priced property for sale in Tustin, CA - $135,000.00
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Highest priced property for sale in Tustin, CA - $3,425,000.00
Tustin CA Active Real Estate Listings By Property Type:
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44 Single Family Residence
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26 Condo/Townhouse
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0 Other (Land, Mobile Home, Mixed Use Property, etc...)
Tustin CA Active Real Estate Listing By Sales Type:
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52 Standard
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4 REO*
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10 Short Sale**
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4 Other (Relocation Sale, Probate Sale, etc...)
Tustin CA Active Real Estate Listings By Price Range:
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41 Tustin, CA properties priced above $500,000.00
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29 Tustin, CA properties priced at or below $500,000.00
100% JUMP IN PENDING STANDARD SALES IN TUSTIN
Pending real estate sales showed little movement in Tustin, California month over month, increasing by less than 1%. However, pending sales have jumped by 19% since January 2012, with the standard listing category leading the way and jumping 100% from January to September 2012.
Tustin CA Properties In Pending And Back Up Status = 156
Pending Tustin CA Properties By Sales Type:
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60 Standard
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4 REO*
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84 Short Sale**
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8 Other (Relocation Sale, Probate Sale, etc...)
LARGE DIP IN TUSTIN CA REAL ESTATE SALES
All listing categories contributed to the rather large dip in real estate sales in Tustin, in the month of September. Total sales figures were down by 38.3%, when compared to August, and were slightly above par with the real estate sales posted in January 2012. However, considering the high number of standard and short sale listings that are currently in pending status, I would expect these numbers to increase considerably in the next few months.
Tustin CA Properties Sold in September 2012 = 53
Tustin CA Properties Sold By Sales Type:
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32 Standard Sales
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3 REO Sales*
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17 Short Sales**
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1 Other (Relocation Sales, Probate Sales, etc...)
Highest and Lowest Real Estate Sales in Tustin CA in September 2012
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Lowest Tustin CA real estate sale - $120,000.00
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Highest Tustin CA real estate sale - $1,230,000.00
What Home Buyers Got For Their Money in Tustin CA in September 2012
For $120,000.00 you could have purchased a condo in Tustin, California with the following features and amenities:
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2 Bedroom
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2 Bath
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888 SF
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Built in 1969
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Needs Updating
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$255 HOA Dues
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Short Sale
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All Cash Purchase
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Tustin Unified School District
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Located South of the 5 Freeway and East of the 55 Freeway
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92780 Zip Code
For $1,230,000.00 you could have purchased a home in Tustin, California with the following features and amenities:
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4 Bedrooms
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5 Baths
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3,900 SF
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7,713 SF Lot
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3 Car Attached Garage
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Built in 1999
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Upgraded Throughout
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Bonus Room/Library
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Office
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Built-In BBQ
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$150 HOA Dues
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Standard Sale
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Conventional Financing
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Tustin Unified School District
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Located in the Guard Gated Community of Madrid
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Near the Tustin Ranch Country Club
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92782 Zip Code
*REO: Real Estate Owned. Foreclosed properties currently owned by the lender.
** Short Sale: Properties that are still owned by the borrower, however the borrower is attempting to sell the property for less than what is owed to the lender, which requires lender approval.
Information contained in this market report was compiled from available MLS data as of Oct 1st, 2012.
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