August 2013 Tustin CA Real Estate Market Report

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

LITTLE CHANGE IN THE TUSTIN REAL ESTATE MARKET

In August 2013, the number of homes for sale in Tustin, California were almost identical to the figure posted in the previous month. On a year over year basis, real estate listings increased more than 28%. However, even with the recent jumps, inventory is still incredibly low compared to the peak of this past real estate cycle, especially in the entry level price range of $500,000 and below. One factor contributing to the inventory shortage and price boosts, is the lack of distressed listings which  dominated the Tustin real estate market up until last year, when a marked shift took place.

As with active listings, the number of pending real estate sales in Tustin showed little change between July and August 2013. Compared to the previous year's figures, however, pending home sales dropped by more than 33%. This is, of course, due to the previously shrinking inventory in Tustin, California. As supply begins to balance out with demand, we should see pending sales figures stabilize or increase in coming months.

Month over month, there was little movement in the Tustin real estate sales figures, with a drop of only 5 sales between July and August. However, on a year to year basis, sales fell over 31%. Based on the number of active listings and pending sales, closed transactions should begin to increase in coming months. In August 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 = 100

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

Highest and Lowest Priced Real Estate Listing in Tustin CA:

  • Lowest priced property for sale in Tustin, CA - $220,000.00
  • Highest priced property for sale in Tustin, CA - $1,899,999.00

Tustin CA Active Real Estate Listings By Property Type:

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

Tustin CA Active Real Estate Listing By Sales Type:

  • 95 Standard
  • 1 REO*
  • 2 Short Sale**
  • 2 Other (Relocation Sale, Probate Sale, etc...)

Tustin CA Active Real Estate Listings By Price Range:

  • 69 Tustin, CA properties priced above $500,000.00
  • 31 Tustin, CA properties priced at or below $500,000.00

TUSTIN CA PROPERTIES IN PENDING AND BACK UP STATUS = 103

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

Pending Tustin CA Properties By Sales Type:

  • 70 Standard
  • 2 REO*
  • 30 Short Sale**
  • 1 Other (Relocation Sale, Probate Sale, etc...)

TUSTIN CA PROPERTIES SOLD IN AUGUST 2013 = 64

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

Tustin CA Properties Sold By Sales Type:

  • 57 Standard Sales
  • 1 REO Sales*
  • 5 Short Sales**
  • 1 Other (Relocation Sales, Probate Sales, etc...)

List Price Versus Sales Price In Tustin CA In August 2013

  • 11 Properties sold at list price
  • 25 Properties sold for less than list price
  • 28 Properties sold for more than list price

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

  • Lowest Tustin CA real estate sale - $158,000.00
  • Highest Tustin CA real estate sale - $1,240,000.00

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

For $158,000.00 you could have purchased acondo in Tustin, California with the following features and amenities:

  • 3 Bedroom
  • 2 Bath
  • 1,030 SF
  • Built in 1963
  • $300 HOA Dues
  • No Interior Photos Or Description Provided
  • Short Sale
  • All Cash Purchase
  • Sold For Less Than The List Price Of $159,000.00
  • Tustin Unified School District
  • Located Near The 55 Freeway
  • 92780 Zip Code

For $1,240,000.00 you could have purchased ahouse in Tustin, California with the following features and amenities:

  • 5 Bedrooms
  • 3 Baths
  • 3,390 SF
  • 6,081 SF Lot
  • 2 Car Attached Garage
  • Built in 1998
  • $75 HOA Dues
  • Upgraded Throughout
  • Office With Private Entrance
  • Epoxy Floors And Built In Cabinets In Garage
  • Built In BBQ
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $1,260,000.00
  • Tustin Unified School District
  • Located Near The Tustin Ranch Golf Club, In The Westmont Community
  • 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 Sept 1 & Sept 10, 2013.

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Rainmaker
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Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Thanks for the Market Report for Tustin, CA.  These are a valuable part of the ActiveRain blogs.

Sep 20, 2013 01:27 PM #1
Rainer
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Momentum Realty
North Orange County CA Real Estate Specialists - Yorba Linda, CA
Orange County CA Real Estate Agent

You're very welcome, Gary, and thank you for stopping by and commenting on my post!

Hope you're having a great weekend,

Gina

Sep 21, 2013 03:22 AM #2
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Rainer
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Momentum Realty

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