Hotter housing: Garden Grove or Westminster?

Posted on by Listify Me

Hotter housing: Garden Grove or Westminster?

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 — details …



GARDEN GROVE

  • 148 residences listed in brokers’ MLS system with 131 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 1.13 months vs. 0.94 months found two weeks earlier vs. 3.13 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 26% 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 34.5% of supply of homes for sale vs. 17.6% countywide.
  • Homes for sale in Garden Grove represent 2.6% of Orange County inventory — and 5.1% of all the distressed homes listed for sale in Orange County. New escrows here are 3.6% of all Orange County’s new pending sales.

WESTMINSTER

  • 65 residences listed in brokers’ MLS system with 72 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 0.90 months vs. 0.91 months found two weeks earlier vs. 2.82 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 41% less time than the countywide pace.
  • Of the homes listed for sale in this community, 16 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 24.6% of supply of homes for sale vs. 17.6% countywide.
  • Homes for sale in Westminster represent 1.2% of Orange County inventory — and 1.6% of all the distressed homes listed for sale in Orange County. New escrows here are 2.0% 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.

Did you miss:

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

Open all references in tabs: [1 – 6]