Wednesday, November 17, 2010

Corona del Mar Most Challenging Place to Sell O.C. Home at Current Market Time Pace

Corona del Mar homes were the most challenging to sell in Orange County last month at current market time pace.

Hottest Supply Deals Mon. Yr. ago Price
Portola Hills 21 11 1.9 1.4 $339k
Foothill Ranch 51 21 2.4 1.4 $483k
Buena Park 175 68 2.6 1.3 $385k
Santa Ana 552 213 2.6 1.8 $342k
Ladera Ranch 174 62 2.8 1.1 $691k
Garden Grove 335 118 2.8 1.9 $381k
Lake Forest 192 61 3.1 1.5 $441k
Placentia 150 47 3.2 1.4 $443k
Rancho Santa Marg. 245 74 3.3 1.3 $364k
Mission Viejo 390 117 3.3 1.6 $528k
County Supply Deals Mon. Yr. ago Price
All of O.C. 11,151 2,670 4.2 2.4 $895k
Coolest Supply Deals Mon. Yr. ago Price
Corona Del Mar 170 16 10.6 10.7 $3.2m
Laguna Beach 329 34 9.7 8.3 $3.3m
Dana Point 281 31 9.1 5.6 $1.5m
Newport Beach 532 60 8.9 8.8 $2.3m
Seal Beach 291 34 8.6 4.2 $373k
Average market time at CDM was 10.6 months to sell all homes on the market.
 
This challenge at Corona del Mar probably had something to do with its average home listing price at $3.2 million.
 
Orange County homes sold the quickest in terms of market time is Portola Hills.
 
Compares supply of homes for sale vs. new purchase deals made during the past month and results in "market time" - time it would take theoretically to sell all for-sale homes at the current buying pace.
 
So the toughest market to sell the Orange County home was Corona Del Mar with market time at 10.6 months.
 
The entire Orange County home sale market had average market time of 4.2 months, and average list price of $895k (week of November 11).
 
This chart shows hottest and coldest home selling markets in O.C. (as of November 11, 2010), comparing supply for sale, new deals made, market time in months vs. one year ago and average listing price.
 
Source: Thanks to OCRegister.com and Steve Thomas, broker at Altera Real Estate, for information and graphic chart. 

________________________________________________

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855

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