Faster housing market: Tustin or Orange?

Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale.

Here’s what the report of March 1 details about Tustin and Orange …

TUSTIN

• 199 residences listed in brokers’ MLS system with 113 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 1.76 months vs. 1.92 months found two weeks earlier vs. 4.35 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
• So, homes in this community sell — in theory — in 13% less time than the countywide pace.
• Of the homes listed for sale in this community, 59 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 29.6% of supply of homes for sale vs. 30.4% countywide.
• Homes for sale in Tustin represent 2.8% of Orange County inventory — and 2.7% of all the distressed homes listed for sale in Orange County. New escrows here are 3.2% of all Orange County’s new pending sales.

ORANGE

• 283 residences listed in brokers’ MLS system with 123 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 2.30 months vs. 2.14 months found two weeks earlier vs. 4.07 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
• So, homes in this community sell — in theory — in 14% more time than the countywide pace.
• Of the homes listed for sale in this community, 109 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 38.5% of supply of homes for sale vs. 30.4% countywide.
• Homes for sale in Orange represent 3.9% of Orange County inventory — and 5.0% of all the distressed homes listed for sale in Orange County. New escrows here are 3.5% 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 — 100.0% — followed by Stanton at 63.6% of listings and Rancho Santa Marg. at 58.3% of listings.
• Fewest? Corona Del Mar was tops — 2.7% — followed by Seal Beach at 3.1% of listings and Laguna Beach at 7.0% of listings.

Did you miss:

• More housing news from Lansner on Real Estate!
• See ZIP-by-ZIP homebuying trends
• Pictures of Orange County’s priciest mansions
•  Rent hikes follow economic recovery
• See the best building designs from O.C.
• Check out housing foibles of Real Housewives of Orange County!

Need a slice of good news on your cell? Text OCRGOOD to 56654 and we’ll text you a dash of positivity daily!