July 2013 North Tustin CA Real Estate Market Report

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

REAL ESTATE PRICES CONTINUE TO RISE IN NORTH TUSTIN CA

Although the number of homes for sale in North Tustin, California increased nearly 20% in the past month, listings remained 12.7% below the number documented one year earlier. In a historical context, inventory is incredibly low, which is the primary, contributing factor to the rise in home prices in North Tustin. A shortage of distressed listings, combined with an exceptional school district helped to keep this desirable city stable throughout most of the real estate downturn.

As anticipated, the number of pending home sales fell 27.5% between June and July 2013, and 23.7%, as compared to the previous year. Barring a substantial increase in real estate listings, pending sales figures will continue to decline in North Tustin, in the coming months.

Closed real estate sales increased by more than 11% month over month, and 36.4% year over year. However, a drop in sales stats is inevitable, considering the lack of inventory and number of sales that are currently pending. In July 2013, the majority of real estate sales in North Tustin, California closed at or below the original list price. Given current market conditions, this was the result of over aggressive pricing.

ACTIVE REAL ESTATE LISTINGS IN NORTH TUSTIN CA = 55

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

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

  • Lowest priced property for sale in North Tustin, CA - $709,000.00
  • Highest priced property for sale in North Tustin, CA - $4,200,000.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 55 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:

  • 51 Standard
  • 1 REO*
  • 0 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
  • 0 North Tustin, CA properties priced at or below $500,000.00

NORTH TUSTIN CA PROPERTIES IN PENDING AND BACK UP STATUS = 29

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

Pending North Tustin CA Properties By Sales Type:

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

NORTH TUSTIN CA PROPERTIES SOLD IN JULY 2013 = 30

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

North Tustin CA Properties Sold By Sales Type:

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

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

  • 3 Property sold at list price
  • 19 Properties sold for less than list price
  • 8 Property sold for more than list price

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

  • Lowest North Tustin real estate sale - $500,000.00
  • Highest North Tustin real estate sale - $1,725,000.00

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

For $500,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 2 Bedroom
  • 2 Bath
  • 1,471 SF
  • 4,356 SF Lot
  • Built In 1977
  • 2 Car Attached Garage
  • Needs To Be Updated
  • Standard Sale
  • FHA Financing
  • Sold For More Than The List Price Of $489,000.00
  • Located In The Flat Land Of North Tustin, In The Shady Hollow Development
  • Tustin Unified School District
  • 92705 Zip Code

For $1,725,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 5 Bedroom
  • 2 Full Baths, 1 Three Quarter Bath, And 1 Half Bath
  • 3,800 SF Main House
  • 21,500 SF Lot
  • 3 Car Attached Garage
  • Built In 1978
  • Custom Home
  • Some Upgrades Throughout
  • Pool And Spa
  • Full Size Sports Court
  • City Lights, and Hills Views
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $1,798,000.00
  • 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 August 1 & August 11, 2013.

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