October 2012 North Tustin CA Real Estate Market Report

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

DOUBLE DIGIT INCREASE IN REAL ESTATE LISTINGS IN NORTH TUSTIN CA

The incredibly low inventory of homes for sale in North Tustin, California increased by 11.7% in October, 2012, but sat at 6.5% below the number posted in January. The North Tustin real estate market continued to improve in October, with multiple offers and overbids contributing to the slight bump in prices. Due to the desirability of this North Orange County area and a lack of distressed sales, nearly 100% of the real estate listings in North Tustin are priced above $500,000.

Active Real Estate Listings in North Tustin CA = 57

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

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

  • Lowest priced property for sale in North Tustin, CA - $499,900.00
  • Highest priced property for sale in North Tustin, CA - $3,395,000.00

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:

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

North Tustin CA Active Real Estate Listings By Price Range:

  • 55 North Tustin, CA properties priced above $500,000.00
  • 2 North Tustin, CA properties priced at or below $500,000.00

4 LESS PENDING PROPERTIES IN OCTOBER 2012

Pending real estate sales fell by 11.7% month over month, which, in reality, only equated to a total of 4 less pending properties in October 2012, as compared to September. The drop was seen in the standard listing category, and was most likely the result of more North Tustin pending properties moving to closed status.

North Tustin CA Properties In Pending And Back Up Status = 30

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

Pending North Tustin CA Properties By Sales Type:

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

INCREASE IN REAL ESTATE SALES IS ATYPICAL AND A GOOD SIGN OF RECOVERY

North Tustin real estate sales were up by a modest 12.5%, with 2 additional closings posting in October, 2012, versus the number of properties sold in September. Although the month over month increase wasn't too impressive, it's important to remember that a drop in real estate sales is the norm for this time of year, so any growth is atypical and a very good sign of recovery.

North Tustin CA Properties Sold in October 2012 = 18

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

North Tustin CA Properties Sold By Sales Type:

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

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

  • Lowest North Tustin real estate sale - $449,000.00
  • Highest North Tustin real estate sale - $2,568,000.00

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

For $449,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 3 Bedroom
  • 2 Bath
  • 1,639 SF
  • 6,300 SF Lot
  • Built in 1968
  • 2 Car Attached Garage
  • Needs Updating
  • Some Upgrades Completed
  • Standard Sale
  • Conventional Financing
  • Tustin Unified School District
  • 92705 Zip Code

For $2,568,000.00 you could have purchased a home in North Tustin, California with the following features and amenities:

  • 6 Bedrooms
  • 9 Baths
  • 7,500 SF
  • 20,305 SF Lot
  • 3 Car Detached Garage
  • Built in 1998
  • Custom Built Home
  • Gated Estate
  • Highly Upgraded Throughout
  • Kitchen With 4 Ovens, 4 Warming Drawers and 2 Dishwashers
  • Office With Fireplace, Wet Bar, Private Bath and Walk In Closet
  • Library With Fireplace, Built-In Entertainment Center and Wet Bar
  • Cedar Lined Walk In Closets In Master Bedroom
  • 500 SF Guest House With Kitchen and Separate A/C System
  • Custom Driveway With Hand Laid, Polished River Rock
  • Pebble Tech Pool and Spa
  • Tree Top 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 Nov 1st, 2012.

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