February 2013 North Tustin CA Real Estate Market Report

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

REAL ESTATE LISTINGS CONTINUE TO DECLINE IN NORTH TUSTIN CA

There was an insignificant reduction in real estate listings in North Tustin, California, in February 2013. However, on a year over year basis, the number of homes for sale had dropped by 22.4%.

Would be buyers have become frustrated by the inventory shortage in North Tustin and are either stuck waiting for the next listing to appear, or find themselves in multiple offer, bidding wars. Home prices are holding steady, and have even been increasing in the $750,000+ luxury home market in North Tustin.

Active Real Estate Listings in North Tustin CA = 45

Graph comparing the number of real estate listings in North Tustin CA in February 2013 to January 2013 and February 2012

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

  • Lowest priced property for sale in North Tustin, CA - $584,000.00
  • Highest priced property for sale in North Tustin, CA - $2,928,800.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 45 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:

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

North Tustin CA Active Real Estate Listings By Price Range:

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

PENDING HOME SALES JUMP 40 PERCENT IN FEBRUARY 2013

Pending real estate sales in North Tustin jumped by 40% month over month, but dropped by 5.4% when comparing the number of pending properties in February 2013 to one year ago. Unless there is a surge in inventory in the near future, we can expect to see similar pending sales figures in North Tustin over the coming months.

North Tustin CA Properties In Pending And Back Up Status = 35

Graph comparing the number of pending real estate sales in North Tustin CA in February 2013 to January 2013 and February 2012

Pending North Tustin CA Properties By Sales Type:

  • 28 Standard
  • 1 REO*
  • 5 Short Sale**
  • 1 Other (Relocation Sale, Probate Sale, Flip, etc...)

HOME SALES FALL IN NORTH TUSTIN

The number of closed real estate sales in North Tustin fell by nearly 38% between January and February 2013, but sat just above the total sales posted one year earlier. A drop in sales is common at this time of year, and given the amount of pending sales in North Tustin, we should see these figures increase in coming months.

In February 2013, the majority of real estate sales in North Tustin closed at or below the original list price.

North Tustin CA Properties Sold in February 2013 = 10

Graph comparing the number of real estate sales in North Tustin CA in February 2013 to January 2013 and February 2012

North Tustin CA Properties Sold By Sales Type:

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

List Price Versus Sales Price In North Tustin CA In February 2013

  • 1 Property sold at list price
  • 7 Properties sold for less than list price
  • 2 Property sold for more than list price

Highest and Lowest Real Estate Sales in North Tustin CA in February 2013

  • Lowest North Tustin real estate sale - $583,000.00
  • Highest North Tustin real estate sale - $1,899,000.00

What Home Buyers Got For Their Money in North Tustin CA in February 2013

For $583,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 3 Bedroom
  • 1.75 Bath
  • 1,831 SF
  • 24,100 SF Lot
  • Built In 1955
  • 2 Car Attached Garage
  • Needs To Be Updated
  • 140 SF Detached Office With Half Bath Not Included In SF Of Main House
  • 432 SF Detached Guest House Not Included In SF Of Main House
  • Standard Sale
  • All Cash Purchase
  • Sold For Less Than The List Price Of $650,000.00
  • Located In The Panorama Heights Area Of North Tustin
  • Tustin Unified School District
  • 92705 Zip Code

For $1,899,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 5 Bedrooms
  • 5.5 Baths
  • 5,389 SF
  • 33,800 SF Lot
  • 3 Car Attached Garage
  • Built In 1985
  • Remodeled And Upgraded Throughout
  • Wood Paneled Office With Built In Cabinetry And Book Shelves
  • Built-In Wet Bar With Sink, Wine Refrigerator And Cabinetry
  • Pool and Spa
  • Built In BBQ And Refrigerator
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $1,995,000.00
  • Located In The Lemon Heights Area
  • 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 March 1 & March 7, 2013.

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Momentum Realty

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