Stronger home market: Coto or Dove?

Posted on by Listify Me

Which housing market is in better shape? Coto or Dove?

Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale. Here’s what the latest report — as of June 9 — has to say about the two neighboring South County markets …


COTO DE CAZA

  • 131 residences listed in brokers’ MLS system with 33 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 3.97 months vs. 3.83 months found two weeks earlier vs. 2.57 months seen a year earlier. Countywide, latest market time was 3.66 months vs. 3.19 months a year ago.
  • Of the homes listed for sale in this community, 31 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 23.7% of supply of homes for sale vs. 33.9% countywide.
  • Homes for sale in Coto De Caza represent 1.2% of Orange County inventory — and 0.8% of all the distressed homes listed for sale in Orange County. New escrows here are 1.1% of all Orange County’s new pending sales.

DOVE CANYON

  • 21 residences listed in brokers’ MLS system with 6 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 3.50 months vs. 5.25 months found two weeks earlier vs. 1.36 months seen a year earlier. Countywide, latest market time was 3.66 months vs. 3.19 months a year ago.
  • Of the homes listed for sale in this community, 8 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 38.1% of supply of homes for sale vs. 33.9% countywide.
  • Homes for sale in Dove Canyon represent 0.2% of Orange County inventory — and 0.2% of all the distressed homes listed for sale in Orange County. New escrows here are 0.2% of all Orange County’s new pending sales.

Compare these trends to countywide patterns:

  • O.C. cities with highest level of distressed properties among their listings? Rancho Santa Marg. was tops — 62.2% — followed by Anaheim at 60.3% of listings and Santa Ana at 57.7% of listings.
  • Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 4.4% of listings and Newport Coast at 7.1% of listings.

    • For more real estate news, CLICK HERE! For ZIP-by-ZIP homebuying trends, CLICK HERE! And for the latest housing foibles of Real Housewives of Orange County cast, CLICK HERE!


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