Hotter housing: Brea or Fullerton?

Every two weeks, Steve Thomas of ReportsOnHousing.compublishes a study of the supply of local homes for sale. Here’s what the latest report — as of June 21 — says ..

BREA

• 47 residences listed in brokers’ MLS system with 43 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 1.09 months vs. 1.09 months found two weeks earlier vs. 2.22 months seen a year earlier. Countywide, latest market time was 1.53 months vs. 3.72 months a year ago.
• So, homes in this community sell — in theory — in 28% less time than the countywide pace.
• 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 19.1% of supply of homes for sale vs. 17.6% countywide.
• Homes for sale in Brea represent 0.8% of Orange County inventory — and 0.9% of all the distressed homes listed for sale in Orange County. New escrows here are 1.2% of all Orange County’s new pending sales.

FULLERTON

• 188 residences listed in brokers’ MLS system with 126 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 1.49 months vs. 1.46 months found two weeks earlier vs. 3.20 months seen a year earlier. Countywide, latest market time was 1.53 months vs. 3.72 months a year ago.
• So, homes in this community sell — in theory — in 2% less time than the countywide pace.
• Of the homes listed for sale in this community, 45 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 23.9% of supply of homes for sale vs. 17.6% countywide.
• Homes for sale in Fullerton represent 3.3% of Orange County inventory — and 4.5% of all the distressed homes listed for sale in Orange County. New escrows here are 3.4% of all Orange County’s new pending sales.

Compare these trends to countywide patterns:

• Cities with highest level of distressed properties among their listings? Stanton was tops — 43.3% — followed by Buena Park at 43.2% of listings and Anaheim at 43.2% of listings.
• Fewest? Portola Hills was tops — 0.0% — followed by Seal Beach at 0.8% of listings and Corona Del Mar at 2.9% 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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