Coto or Dove: Who’s got fewer distressed home sales?

Posted on by Listify Me

Where is real estate healthier: Coto or Dove? Which community has fewer distressed sales?

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 July 7 — has to say about these two neighboring South County markets.



COTO DE CAZA

  • 126 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 4.50 months vs. 4.86 months found two weeks earlier vs. 7.00 months seen a year earlier. Countywide, latest market time was 3.96 months vs. 3.78 months a year ago.
  • Of the homes listed for sale in this community, 30 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 23.8% of supply of homes for sale vs. 33.1% countywide.
  • Homes for sale in Coto De Caza represent 1.1% of Orange County inventory — and 0.8% of all the distressed homes listed for sale in Orange County. New escrows here are 1.0% of all Orange County’s new pending sales.

DOVE CANYON

  • 22 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 5.50 months vs. 5.75 months found two weeks earlier vs. 3.0 months seen a year earlier. Countywide, latest market time was 3.96 months vs. 3.78 months a year ago.
  • 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 40.9% of supply of homes for sale vs. 33.1% 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.

So while Dove has fewer distressed homes for sale, that share of overall listings is higher!

Compare these trends to countywide patterns:

  • O.C. cities with highest level of distressed properties among their listings? Anaheim was tops — 60.3% — followed by Rancho Santa Marg. at 58.3% of listings and Santa Ana at 57.8% of listings.
  • Fewest? Corona Del Mar was tops — 3.1% — followed by Seal Beach at 3.7% of listings and Newport Coast at 8.1% 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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