September 2013 North Tustin CA Real Estate Market Report

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

SELLER CONFIDENCE PUSHES NORTH TUSTIN CA REAL ESTATE LISTINGS HIGHER

Month over month, real estate listings rose nearly 16% in North Tustin. On a year to year basis, the number of homes for sale in North Tustin, California increased 43.1% by the end of September, 2013. Although the number of active listings is identical to the high of last year, which occurred in May, inventory is still very low, and remains far below the levels experienced throughout the foreclosure crisis. The jump in North Tustin real estate listings is due to an increase in seller confidence and regained equity, coupled with the traditional end of summer lull in home buyer activity.

There was an insignificant increase in the number of pending home sales in North Tustin between August and September 2013. However, the year over year stats reflected a 35.3% drop in pending real estate sales. In looking at all figures and facts, it would appear that the drop in pending sales in North Tustin is due to either the recent increase in interest rates, rising home prices, or a reduction in buyer activity. It's also possible that all 3 factors are at play.

North Tustin real estate sales fell more than 39%, on a month to month basis, and by 17.6% when compared to September of one year earlier. The drop in sales can be attributed to the rise in home prices as well as interest rates, which has made North Tustin unaffordable for many potential home buyers. In September 2013, the majority of real estate sales in North Tustin, California closed at or below the original list price. Based on current market conditions, this was most likely the result of over aggressive pricing.

ACTIVE REAL ESTATE LISTINGS IN NORTH TUSTIN CA = 73

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

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

  • Lowest priced property for sale in North Tustin, CA - $649,000.00
  • Highest priced property for sale in North Tustin, CA - $4,000,000.00

North Tustin CA Active Real Estate Listings By Property Type:

  • 73 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:

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

North Tustin CA Active Real Estate Listings By Price Range:

  • 73 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 = 22

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

Pending North Tustin CA Properties By Sales Type:

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

NORTH TUSTIN CA PROPERTIES SOLD IN SEPTEMBER 2013 = 14

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

North Tustin CA Properties Sold By Sales Type:

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

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

  • 3 Property sold at list price
  • 10 Properties sold for less than list price
  • 1 Property sold for more than list price

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

  • Lowest North Tustin real estate sale - $640,000.00
  • Highest North Tustin real estate sale - $2,325,000.00

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

For $640,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 5 Bedroom
  • 1 Full Bath, 1 Three-Quarter Bath, And 1 Half Bath
  • 2,271 SF
  • 13,939 SF Lot
  • Built In 1960
  • 2 Car Attached Garage
  • Needs Updating
  • Pool
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $679,999.00
  • Located In The Flat Land Of North Tustin, On The Border Of Orange
  • Tustin Unified School District
  • 92705 Zip Code

For $2,325,000.00 you could have purchased ahome in North Tustin, California with the following features and amenities:

  • 7 Bedrooms
  • 6 Full Baths, 2 Half Baths, And 1 One Quarter Bath
  • 6,700 SF Main House
  • 20,473 SF Lot
  • 3 Car Attached Garage
  • Built In 1996
  • Upgraded Throughout
  • Wet Bar
  • Game Area
  • Wine Cellar
  • Maid's Quarters With Separate Entry, Kitchen And Laundry Room
  • Pool And 2 Spas
  • Standard Sale
  • Conventional Financing
  • Sold For Less Than The List Price Of $2,550,000.00
  • 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 Oct 1 & Oct 10, 2013.

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Rainmaker
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Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

Gina this is an excellent market report that you are sharing with your local buyers and sellers!

Oct 19, 2013 10:40 AM #1
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Rainer
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