Where’s the hosuing market in better shape? Laguna Hills or Mission Viejo?

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 neighboring markets …

LAGUNA HILLS

• 119 residences listed in brokers’ MLS system with 46 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 2.59 months vs. 2.81 months found two weeks earlier vs. 5.89 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• So, homes in this community sell — in theory — in 21% less time than the countywide pace.
• Of the homes listed for sale in this community, 51 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 42.9% of supply of homes for sale vs. 36.6% countywide.
• Homes for sale in Laguna Hills represent 1.2% of Orange County inventory — and 1.5% of all the distressed homes listed for sale in Orange County. New escrows here are 1.6% of all Orange County’s new pending sales.

MISSION VIEJO

• 320 residences listed in brokers’ MLS system with 141 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 2.27 months vs. 2.71 months found two weeks earlier vs. 3.33 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• So, homes in this community sell — in theory — in 31% less time than the countywide pace.
• Of the homes listed for sale in this community, 148 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 46.3% of supply of homes for sale vs. 36.6% countywide.
• Homes for sale in Mission Viejo represent 3.4% of Orange County inventory — and 4.2% of all the distressed homes listed for sale in Orange County. New escrows here are 4.8% 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.

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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