August 2012 North Tustin CA Real Estate Market Report

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

INVENTORY DOWN AND SPURRING MULTIPLE OFFERS IN TUSTIN CA

North Tustin, California active real estate listings decreased again last month, with downward movement of 9.5% from the end of July to August 2012.

Due to a lack of inventory, and nearly non-existent distressed real estate listings in the city, prices remain stable and have even edged higher in some areas of North Tustin. With so little for home buyers to choose from, many are faced with multiple offers and overbids on desirable homes.

Active Real Estate Listings in North Tustin CA = 57

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

Highest and Lowest Priced Real Estate Listings in North Tustin CA:

  • Lowest priced property for sale in North Tustin, CA - $565,000.00
  • Highest priced property for sale in North Tustin, CA - $3,995,000.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 57 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:

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

North Tustin CA Active Real Estate Listings By Price Range:

  • 57 North Tustin, CA properties priced above $500,000.00
  • 0 North Tustin, CA properties priced at or below $500,000.00

PENDING SALES FALL MONTH OVER MONTH IN TUSTIN CA

Pending real estate sales dipped slightly from the end of July to August 2012 in Tustin, California, but have jumped nearly 42% since the beginning of the year, thanks to an uptick in standard and short sale listing activity.

North Tustin CA Properties In Pending And Back Up Status = 34

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

Pending North Tustin CA Properties By Sales Type:

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

NORTH TUSTIN CA REAL ESTATE SALES VIRTUALLY UNCHANGED IN AUGUST 2012

The number of homes sold in North Tustin, California in August 2012 was almost identical to the number posted for July, with only 1 less property sale in August, as compared to July. However, real estate sales in August were still more than 160% greater than the number of sales in North Tustin, in January of this year.

North Tustin CA Properties Sold in August 2012 = 21

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

North Tustin CA Properties Sold By Sales Type:

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

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

  • Lowest North Tustin real estate sale - $415,000.00
  • Highest North Tustin real estate sale - $1,325,000.00

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

For $415,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 4 Bedroom
  • 3 Bath
  • 2,460 SF
  • 7,474 SF Lot
  • Built in 1966
  • Fixer- Not Eligible For FHA Financing
  • 3 Car Detached Garage
  • Pool
  • Located on the Border of Santa Ana
  • Standard Sale
  • All Cash Purchase
  • Tustin Unified School District
  • 92705 Zip Code

For $1,325,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 4 Bedrooms
  • 5 Baths
  • 3,200 SF
  • 14,400 SF Lot
  • 3 Car Attached Garage
  • Built in 2006
  • Custom Built Home
  • Upgraded Throughout
  • Private Bathrooms in Each Bedroom
  • Office
  • Study
  • Putting Green
  • Canyon, City Lights, and Fields View
  • Located in the Lemon Heights area
  • Standard Sale
  • Owner Carried Financing
  • 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 September 1st, 2012.

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