The Aliso Viejo Real Estate Market October 13, 2011.
I believe the main story told by the numbers below is that the banks negotiating successful short sales and private Home Owners, Selling Equity Listings, are doing Whatever it takes to move Real Estate in Aliso Viejo!
Demand in Aliso Viejo is 83 new escrows opened over the last 30 days! That is down 11% since April 14 and Down 25% since June 23! Luckily for Sellers, there are only 220 residences for Sale, without an accepted offer, in Aliso Viejo! According to Steven Thomas, that equals a Market Time of 2.65 months! This low Market Time is what’s holding up the Average Median closed Sales Price in Aliso Viejo.
AV Listing Breakdown by Type - November 10, 2011. Short sale listings now outnumber Regular Standard Equity Sales in Aliso Viejo.
Equity Sellers = 92 - 44%, down 5.5 percentage points.
Short sales = 102 - 49%, up 6.5 points!
Bank-owned foreclosures = 16 - 7.6%, down 0.6 points!
Aliso Viejo Listings by Price. After rising during most of the 1st half of the year, Aliso Viejo List Prices have taken a sharp turn downward.
Less than $350,000 = 96 residences - 45%, up 4.5 percentage points!
$350,000 - $475,000 = 61 - 28%, up 4 points.
And > $475,000 = 58 - 27%, down a whopping 8 points!
This does not necessarily translate into lower Closed Sales Prices. From May through September, the six month moving average Aliso Viejo Median Sales Price fell only slightly from $369,750 to $369,000! Falling List Prices coupled with stable Sales Prices may mean Sellers are adjusting their Prices down to Market Value. And that may be why the Market Time in Aliso Viejo is only 2.65 months! Five months from now, the residences that are listed today will be Sales statistics, and we’ll see how well Prices held up.
As I predicted back in July, we saw a good Sales jump in June, July, August and September with 90, 84, 89 and 81 Sales in Aliso Viejo respectively.
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