Today the microscope is on Mission Viejo. (BTW Dear Friends/Readers, if you find this number crunching downright boring - stay tuned. I always come back to the conversations that are much more fun than this! :)
So many of the media numbers focus on Orange County performance, but real estate performance can vary dramatically within our large county and particularly at various price points.
I'm going to spend the next several posts breaking down each of the South Orange County cities to give you an idea of local performance. Whether you are buying, selling, or just keeping an eye on your local market, these numbers tell the story.
Homes Under $500,000
I think one of the revealing things about the under $500,000 market is the fact that while nearly 68% of the active inventory are short sales, they make up less than 28% of the homes that closed in the last 30 days. Demand also is high for bank owned product but very little currently exists - only 6.2% in this price range.
Homes $500,000 to $750,000
Again, very little inventory in the bank owned market, but significant demand. There were very few sales in $500,000 to $750,000 market, as well as the $750,000 market as shown below.
It's important to note where the demand is: of the closed sales in the last 30 days 81.1% have been in the under $500,000 market.
Homes Over $750,001
Interestingly, there are significantly less short sales in this price point. The bad news - sales are slow and with current buying trends, it would take 12.25 months to exhaust the current inventory of homes if nothing else were to come on the market. However in the under $500,000 market, it would only take 4.12 months to exhaust all the inventory at the current rate of consumption.
As I have mentioned many times here, the short sale listings takes months to close and skew the numbers dramatically. With current inventory, it would only take 1.9 months to consume the equity seller and bank owned listings under $500,000. This sector of the market is no longer a buyers market.
*Closed Sales are properties that have closed within the last 30 days from the time of this writing. **All information and statistics are from SoCalMLS and are deemed reliable but not guaranteed. If you have any questions about market conditions for Mission Viejo, feel free to get in touch with me. I'm happy to help try to make sense of it all.
Originally posted on OC Real Estate Voice.