More distressed home listings: Placentia or Yorba Linda?

Posted on by Listify Me

Where are more distressed real estate listings: Placentia or Yorba Linda?

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 Placentia and Yorba Linda …



PLACENTIA

  • 134 residences listed in brokers’ MLS system with 44 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 3.05 months vs. 3.32 months found two weeks earlier vs. 3.19 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 7% less time than the countywide pace.
  • Of the homes listed for sale in this community, 62 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 Placentia represent 1.4% of Orange County inventory — and 1.8% of all the distressed homes listed for sale in Orange County. New escrows here are 1.5% of all Orange County’s new pending sales.

YORBA LINDA

  • 276 residences listed in brokers’ MLS system with 91 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 3.03 months vs. 3.36 months found two weeks earlier vs. 4.49 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 7% less time than the countywide pace.
  • Of the homes listed for sale in this community, 101 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 36.6% of supply of homes for sale vs. 36.6% countywide.
  • Homes for sale in Yorba Linda represent 2.9% of Orange County inventory — and 2.9% of all the distressed homes listed for sale in Orange County. New escrows here are 3.1% 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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