July 2012 North Tustin CA Real Estate Market Report

By
Real Estate Agent with North Orange County CA Real Estate Specialists BRE# 01277795

ZERO FORECLOSURE LISTINGS AND ONLY 1 SHORT SALE IN NORTH TUSTIN CA

The number of real estate listings in North Tustin, California showed little movement month over month, with a decrease of only 3% from June to July 2012. North Tustin home buyers have had very little inventory to choose from throughout 2012, and with zero foreclosure listings and only 1 short sale listing available at the end of July, deep discounts were hard to find. Traditional home buyers continue to compete for desirable properties in North Tustin, California, with multiple offers being received on most houses and condos. One thing that North Tustin home buyers have in their favor is the fact that there is little real estate investor interest and activity. This is due to the higher price range of homes in North Tustin, as compared to nearby Orange County cities.

Active Real Estate Listings in North Tustin CA = 63

Graph comparing the number of real estate listings in North Tustin CA in January, June and July 2012

Highest and Lowest Priced Property in North Tustin CA

  • Lowest priced property for sale in North Tustin, CA - $489,000.00
  • Highest priced property for sale in North Tustin, CA - $3,995,000.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 63 Single Family Residence
  • 0 Condo/Townhouse
  • 0 Other (Land, Mobile Home, Mixed Use Property, etc...)

North Tustin CA Active Real Estate Listing By Sales Type:

  • 60 Standard
  • 0 REO*
  • 1 Short Sale**
  • 2 Other (Relocation Sale, Probate Sale, Flip, etc...)

North Tustin CA Active Real Estate Listings By Price Range:

  • 62 North Tustin, CA properties priced above $500,000.00
  • 1 North Tustin, CA properties priced at or below $500,000.00

NORTH TUSTIN PENDING REAL ESTATE SALES DECREASE IN JULY 2012

North Tustin properties in pending and back up status were almost unchanged from June to July 2012, with a modest 7.3% decrease from month to month. However, July's figures were still 58.3% higher than the numbers posted in January.

Pending sales in the standard real estate listing category showed a drop of 21% month over month in North Tustin, but were 37% greater than January's pending sales. Pending foreclosures remained neutral and non-existent, while North Tustin pending short sales increased by 25% month over month and have jumped by 87.5% since the beginning of this year! This is becoming a trend throughout Orange County, as lenders continue to improve their short sale approval process and systems.

North Tustin CA Properties In Pending And Back Up Status = 38

Graph comparing the number of pending real estate sales in North Tustin CA in January, June and July 2012

Pending North Tustin CA Properties By Sales Type:

  • 22 Standard
  • 0 REO*
  • 15 Short Sale**
  • 1 Other (Relocation Sale, Probate Sale, Flip, etc...)

REAL ESTATE SALES SHOOT UP 120% IN NORTH TUSTIN CA

Closed real estate sales shot up 120% from June to July 2012, and have increased by 175% since the beginning of the year! The jump was based solely on standard real estate listings, which are non-distressed sales, where the seller has equity in the property. This is to be expected, given the fact that there have been very few short sales or foreclosures in North Tustin.

North Tustin CA Properties Sold in July 2012 = 22

Graph comparing the number of real estate sales in North Tustin CA in January, June and July 2012

North Tustin CA Properties Sold By Sales Type:

  • 20 Standard Sales
  • 0 REO Sales*
  • 1 Short Sales**
  • 1 Other (Relocation Sales, Probate Sales, Flip, etc...)

Highest and Lowest Real Estate Sales in North Tustin CA in July 2012

  • Lowest Fullerton real estate sale - $425,000.00
  • Highest Fullerton real estate sale - $1,720,000.00

What Home Buyers Got For Their Money in North Tustin CA in July 2012

For $425,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 3 Bedroom
  • 2 Bath
  • 1,681 SF
  • 7,400 SF Lot
  • Built in 1957
  • Needs Updating
  • 2 Car Detached Garage
  • RV Parking
  • Pool
  • Located in the flatlands of North Tustin near the 55 freeway
  • Standard Sale
  • FHA Financing
  • Tustin Unified School District
  • 92705 Zip Code

For $1,720,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 4 Bedrooms
  • 5 Baths
  • 4,657 SF
  • 43,560 SF Lot
  • 3 Car Attached Garage
  • Built in 1950
  • Privately Gated Custom Built Estate
  • Single Level Home
  • Upgraded Throughout
  • Private Bathrooms in Each Bedroom
  • Office
  • Pool and Spa
  • Sauna
  • Pond
  • Panoramic City Lights, Hills, Mountains and Catalina Island View
  • Located in the Lemon Heights area
  • Standard Sale
  • All Cash Purchase
  • Tustin Unified School District
  • 92705 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 August 1st, 2012.

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Momentum Realty

Orange County CA Real Estate Agent
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