Where is real estate healthier: Coto or Dove?

Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale. Here’s what the latest report — as of November 10 — details about these two neighboring South County markets.

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COTO DE CAZA

• 125 residences listed in brokers’ MLS system with 16 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 7.81 months vs. 9.14 months found two weeks earlier vs. 6.29 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.

months a year ago.

• Of the homes listed for sale in this community, 40 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 32.0% of supply of homes for sale vs. 36.6% countywide.
• Homes for sale in Coto De Caza represent 1.3% of Orange County inventory — and 1.1% of all the distressed homes listed for sale in Orange County. New escrows here are 0.5% of all Orange County’s new pending sales.

DOVE CANYON

• 20 residences listed in brokers’ MLS system with 7 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 2.86 months vs. 2.11 months found two weeks earlier vs. 4.75 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• Of the homes listed for sale in this community, 7 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 35.0% of supply of homes for sale vs. 36.6% 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:

 

• Cities with highest level of distressed properties among their listings? Portola Hills was tops — 75.0% — followed by Rancho Santa Marg. at 68.9% of listings and Ladera Ranch at 66.7% of listings.
• Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 5.2% of listings and Laguna Woods at 7.6% of listings.

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