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Mission Viejo real estate market

admin — Wed, 07 Jul 2010 20:34:29 +0000

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The Mission Viejo real estate market, a part of the larger Orange County and Southern California housing markets, showed strong signs of progress despite a substantial distressed sales market. According to a June 15, 2010 report from OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick.” The article by Kristen Schott continued to say that “The median home price rose to $450,000 in the county, up about 10 percent from the same time last year. It’s the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000…Sales rose 22 percent in Orange County, compared to the same time last year. Buyers snapped up 3,257 properties, compared to 2,667 in May 2009.”

The same pattern of growing home sales and increased median prices seen among Mission Viejo homes for sale was repeated across the larger Southern California region. According to a June 15, 2010 article from the Orange County Register, “Dwindling foreclosures and higher sales in pricier, coastal neighborhoods have pushed Southern California home prices to their highest levels in almost two years, according to MDA DataQuick. The median price of a SoCal home, or price at the midpoint of all sales, jumped 22.5 percent in May to $305,000.” The report by Jeff Collins went on to note that “It was the first time since October 2008 that the SoCal median price has been at $300,000 or higher. Meanwhile, home sales were up 7.2 percent, juiced in part by the expiring of a federal tax credit of up to $8,000.”

Despite a decrease in the number of foreclosures in the Mission Viejo housing market, there were still a number of distressed sales in the region. According to a June 15, 2010 article from the Orange County Register, “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.”

Yorba Linda Real Estate

admin — Tue, 01 Jun 2010 20:22:56 +0000

: Image by Kevin Labianco via Flickr

An affluent suburban community in Orange County in Southern California, Yorba Linda is home to a population of about 70,000 and is about 40 miles southeast of Los Angeles. The city is famed for once being home to former U.S. President Richard Nixon, and is home to the Richard Nixon Presidential Library and Museum. It has a large population of horse lovers, with more than 30 horse trails in the community. Yorba Linda real estate leans toward the higher end in the county, as residents here, on the whole, are quite wealthy, with a median household income of almost $110,000 in 2007. The affluent community lends itself to higher home prices, and Yorba Linda suffered its share from the downturn in the real estate sector that occurred — and is still occurring — across much of the U.S., beginning in 2008.

Yorba Linda finished the year of 2009 with mixed notes. According to the Orange County Register‘s annual zip code sales chart, the median price for homes sold in the city was down nearly 10% in one zip code, coming in at $587,750, and down 6.5% in the other zip code to $579,500. The good news was that sales activity in the city was up — by more than 16% overall for the year in the first zip code, with a total of 587 homes sold, and by 20.5% in the latter zip code, with 253 homes sold.

Despite slumping prices in 2009, the new year shows some signs of promise for Yorba Linda homes for sale. According to the Orange County Register’s monthly sales chart, in March, the city’s first zip code saw home prices rise year-over-year by 3.5% to $634,500. However, the second and less populated zip code, saw its prices still continuing to struggle, down in March by nearly 17% to $375,000. March saw sales down annually in both zip codes, with 45 and 19 homes sold, respectively, declines by 25% and 30%.

Even more recently, these trends have continued. The city’s first zip code saw its median price at $650,000 in a three week period ended April 14, according to the Orange County Register’s Real Estate blog. That made for an 18% increase, besting the total Orange County average increase for the period, which was up 15%. The second zip code saw a median of $379,500, down 40% annually. Sales volume was up in both zip codes, with 55 and 24 sales, respectively, up 25% and 4%.

Tustin Real Estate Market

admin — Fri, 02 Apr 2010 18:42:11 +0000

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Orange County is notorious across the country as being home to some of the most luxurious homes in America – and some of the country’s highest real estate prices to match. Tustin, California, is a community within Orange County that has seen major fluctuations in its real estate market over the past couple of years, like most all communities in Orange County.

According to the Orange County Register, February was a mixed month for the Tustin real estate market, as it saw an improvement in median prices but a decline in sales volume. February accounted for just 23 sales in Tustin, a decline of 41% from a year ago. However, sales prices for those 23 homes showed a positive trend, with the median price at $390,000, a more than 73% increase from one year ago.

Additionally, realtors at eVantage Real Estate in Orange County reported in March that there were currently 59 detached single-family Tustin homes for sale, with those homes having a median sales price of $599,000 for an average price per square foot of $348. Pricing of the 59 homes ranges from as little as $399,900 for a two-bedroom home to a high of nearly $4.3 million for a five-bedroom.

The condo market in March saw 30 active listings in Tustin. Condos for sale had a median listing price of $345,000 for an average price per square foot of $302. The range of condos stretches from as little as $145,000 for a one-bedroom to $729,000 for a three-bedroom condo. The realtors also report that 48 homes have sold in the past 90 days in Tustin. These homes were sold for a median price of $583,000. Meanwhile, thirty condominiums have sold in the past 90 days in Tustin for a median price of $350,000.