March 2013 North Tustin CA Real Estate Market Report

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

UNUSUALLY LOW INVENTORY OF HOMES FOR SALE IN NORTH TUSTIN CA

As of the end of March 2013, the number of North Tustin real estate listings remained relatively unchanged from the previous month, and were down by 17.5%, as compared to one year earlier. This is highly unusual for this time of the year, when properties typically begin to pop up throughout the city. Due to the exceptionally low inventory of homes for sale in North Tustin, prices continued to push upward in March as buyers fought to secure a property.

Active Real Estate Listings in North Tustin CA = 47

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

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

  • Lowest priced property for sale in North Tustin, CA - $630,000.00
  • Highest priced property for sale in North Tustin, CA - $4,200,000.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 47 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:

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

North Tustin CA Active Real Estate Listings By Price Range:

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

LITTLE CHANGE IN PENDING HOME SALES

The number of homes in pending and back up status held steady between February and March 2013, in North Tustin, California, and was nearly identical to the pending home sales documented in March of last year. We can expect little change in these figures, in the coming months, unless there is a surge in real estate listings in North Tustin in the near future.

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 March 2013 to February 2013 and March 2012

Pending North Tustin CA Properties By Sales Type:

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

REAL ESTATE SALES NEARLY DOUBLE IN MARCH 2013

Real estate sales nearly doubled in North Tustin, on a month to month basis, but showed only a slight increase when compared to March of 2012. Home sales may remain somewhat flat in the months to come, based on the low number of real estate listings and existing pending sales.

In March 2013, the majority of real estate sales in North Tustin closed at or below the original list price. Given the current real estate market conditions, this is most likely the result of overly aggressive pricing.

North Tustin CA Properties Sold in March 2013 = 18

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

North Tustin CA Properties Sold By Sales Type:

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

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

  • 2 Property sold at list price
  • 12 Properties sold for less than list price
  • 4 Property sold for more than list price

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

  • Lowest North Tustin real estate sale - $392,000.00
  • Highest North Tustin real estate sale - $1,485,000.00

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

For $392,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 3 Bedroom
  • 2 Bath
  • 1,538 SF
  • 16,000 SF Lot
  • Built In 1953
  • 2 Car Detached Garage
  • Cash Offers Only Due To Condition Of Property
  • Major Repairs And Upgrading Required
  • REO
  • All Cash Purchase
  • Sold For Less Than The List Price Of $499,900.00
  • Located In The Panorama Heights Area Of North Tustin
  • Tustin Unified School District
  • 92705 Zip Code

For $1,485,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 5 Bedrooms
  • 3.5 Baths
  • 4,100 SF
  • 21,250 SF Lot
  • 3 Car Attached Garage
  • Built In 1984
  • Remodeled And Highly Upgraded Throughout
  • Office With Built In Desk, Cabinetry And Book Shelves
  • Built-In Wet Bar With Sink, Wine Refrigerator And Cabinetry
  • Pool and Spa With Water Features
  • Outdoor Fireplace
  • Standard Sale
  • All Cash Purchase
  • Sold For Less Than The List Price Of $1,565,000.00
  • Located In The Cowan 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 April 1 & April 15, 2013.

RELATED ARTICLES:

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
California Orange County North Tustin
Groups:
Realestateandfunding
2013MarketReports
Tags:
market report
north tustin real estate
north tustin ca

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
298,462

Momentum Realty

Orange County CA Real Estate Agent
Ask me a question
*
*
*
*
Spam prevention

Additional Information