Coto or Dove? Where do homes sell faster?

Posted on by Listify Me

Where is real estate healthier: 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 23 — has to say about these two neighboring South County markets.


COTO DE CAZA

  • 136 residences listed in brokers’ MLS system with 28 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 4.86 months vs. 3.97 months found two weeks earlier vs. 4.03 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
  • So, homes in this community — in theory — sell 31% slower than the countywide pace.
  • Of the homes listed for sale in this community, 32 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 23.5% of supply of homes for sale vs. 33.5% 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 0.9% of all Orange County’s new pending sales.

DOVE CANYON

  • 23 residences listed in brokers’ MLS system with 4 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 5.75 months vs. 3.50 months found two weeks earlier vs. 1.38 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
  • So, homes in this community — in theory — sell 55% slower than the countywide pace.
  • Of the homes listed for sale in this community, 9 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 39.1% of supply of homes for sale vs. 33.5% 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 0.1% 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? Portola Hills was tops — 65.0% — followed by Anaheim at 61.6% of listings and Rancho Santa Marg. at 60.2% of listings.
  • Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 4.7% of listings and Laguna Woods at 7.6% 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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