July 2013 Tustin CA Real Estate Market Report

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

MAJORITY OF TUSTIN CA HOMES SELL ABOVE ASKING PRICE IN JULY 2013

There was a 12.2% jump in the number of homes for sale in Tustin, California between June and July 2013, and the year over year increase was 26.2%. Although inventory has risen, and has reached its highest level since June of last year, the total number of Tustin real estate listings is still well below that of a typical balanced market. Home prices have also continued to increase as a result of this inventory shortage, and has helped to curb the number of foreclosure and short sale listings in Tustin.

Pending home sales were unchanged on a month to month basis, but fell more than 44% when compared to July of last year. Although standard, pending real estate sales have shown little movement in the past year, pending distressed sales have plummeted, with a 75% drop in pending foreclosures, and a 73.3% decrease in pending short sales.

Month over month, closed real estate transactions fell 12.7%. However, compared to one year earlier, sales increased more than 11% in Tustin. In July 2013, the majority of real estate sales in Tustin, California closed at or above the original list price. Given current market conditions, this is to be expected.

ACTIVE REAL ESTATE LISTINGS IN TUSTIN CA = 101

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

Highest and Lowest Priced Real Estate Listing in Tustin CA:

  • Lowest priced property for sale in Tustin, CA - $239,900.00
  • Highest priced property for sale in Tustin, CA - $1,780,000.00

Tustin CA Active Real Estate Listings By Property Type:

  • 56 Single Family Residence
  • 45 Condo/Townhouse
  • 0 Other (Land, Mobile Home, Mixed Use Property, etc...)

Tustin CA Active Real Estate Listing By Sales Type:

  • 93 Standard
  • 2 REO*
  • 4 Short Sale**
  • 2 Other (Relocation Sale, Probate Sale, etc...)

Tustin CA Active Real Estate Listings By Price Range:

  • 74 Tustin, CA properties priced above $500,000.00
  • 27 Tustin, CA properties priced at or below $500,000.00

TUSTIN CA PROPERTIES IN PENDING AND BACK UP STATUS = 100

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

Pending Tustin CA Properties By Sales Type:

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

TUSTIN CA PROPERTIES SOLD IN JULY 2013 = 69

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

Tustin CA Properties Sold By Sales Type:

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

List Price Versus Sales Price In Tustin CA In July 2013

  • 11 Properties sold at list price
  • 24 Properties sold for less than list price
  • 34 Properties sold for more than list price

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

  • Lowest Tustin CA real estate sale - $150,000.00
  • Highest Tustin CA real estate sale - $1,660,000.00

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

For $150,000.00 you could have purchased acondo in Tustin, California with the following features and amenities:

  • 1 Bedroom
  • 1 Bath
  • 805 SF
  • Built in 1973
  • $245 HOA Dues
  • No Interior Photos Or Description Provided
  • Short Sale
  • All Cash Purchase
  • Sold For Less Than The List Price Of $164,900.00
  • Tustin Unified School District
  • Located Near The 55 Freeway
  • 92780 Zip Code

For $1,660,000.00 you could have purchased ahouse in Tustin, California with the following features and amenities:

  • 4 Bedrooms
  • 4.5 Baths
  • 4,700 SF
  • 13,000 SF Lot
  • 4 Car Attached Garage
  • Built in 2000
  • $174 HOA Dues
  • Some Upgrades
  • All Bedrooms Have Private Baths
  • Wet Bar
  • Office
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $1,745,000.00
  • Tustin Unified School District
  • Located Near The Tustin Ranch Golf Club, In The Treviso Development
  • 92782 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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