Friday, March 26, 2010

Tustin Housing Market update - beautiful city in central to South Orange County, CA

Tustin, California, housing market update shows recent trend toward lots of homes now in escrow and under pending purchase contract. 
Tustin is a special place, a beautiful city with good schools and famous for parks, hiking trails and recreational areas.  It's located at the central to south Orange County area, just south and east of Santa Ana and north of Irvine.  Tustin has homes built near the old town between 1943 to 1965, which are popular neighborhoods with lots of history.  Other homes were built in the hills and newer Tustin Ranch areas. 
170 Tustin homes are now listed for sale.
  • This is probably not enough Tustin homes for sale now to satisfy buyers.
107 of those active homes for sale are regular equity listings.
10 are REO bank owned for sale.
53 homes for sale are short sale listings.
  • Short sale listings are 31% of Tustin's current housing market.
56 Tustin homes were sold during the last thirty days.
  • This shows average market time of 3.5 months when you compare number of sold the past thirty days to number now for sale, and this is balanced.
205 Tustin homes are now under pending purchase contract or in escrow.
  • This is an unusual and large number in comparison to the 170 homes now listed for sale, probably because many short sales were put on the market and are now under purchase contract waiting for lenders to approve the debt forgiveness.  This short process from listing to sale takes a long time and sometimes as much as a year.
The Tustin housing market trend has more homes now pending sale and in escrow than number of those listed for sale.  This trend favors sellers and is also increase over last month and same time last year

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer - California State Bar Association member #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at  Newport Beach and Irvine area Realtor, broker agent and property information source. 



Posted via email from Explore OC Homes


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