6/20/19 Tustin Talk: Local Housing Market Update

6/20/19 Tustin Talk: Local Housing Market Update



hey there it's Dean Odell with Seven Gables real estate in the adele group and welcome to another Tustin talks it's a second week of June 2019 we're gonna talk a little bit about the market specifically and then we're gonna move on to focus on the Tustin markets so let's talk about what's going on in the market in general so this is the time of the year where demand actually starts to drop and continues to drop through the end of the year now I know that sounds crazy because it's the beginning of summer but that historically is the trend as you can see from the chart here everything has peaked through this time of the year through to where the dotted line is and then it starts to go down after that and we expect the same for 2019 so here's a chart that we created for you that's going to compare the three Tustin markets so as you can see we have North Tustin 9 to 705 Tustin nine to seven eight oh and the Tustin ranch nine to seventy two zip code which includes the legacy and district area that shares the same zip code so starting with what's for sale you can see that inventory is up a little bit in all the zip codes it is really up in Tustin Ranch it stuff from 46 homes from last year to 63 homes for sale this year so that is the biggest increase in inventory when we look at the new listings meaning what just came on in the last 30 days you can see that almost all the markets except for Tustin Ranch or down in inventory when you compare it to last year when you look at the soles you can see that North tustin's down a bit while Tustin and Tustin Ranch are pretty much the same in terms of percentage of increase for this year over last year looking at pendings now pendings or what has gone into escrow in the last 30 days you can see that North Tustin is really up almost doubled more than doubled at a hundred and ten hundred eleven percent so they have 59 homes in escrow versus 28 last year at this time so something when went on there in North Tustin they obviously have their houses priced right over there and we're starting to see those houses go in if you look at Tustin Tustin was down 5.6% Tustin Ranch was up eight point eight two percent now looking at months of inventory this year versus last year well first of all let me explain months of inventory so months of inventory means that if we have ten homes on the market in five sell per month we basically have two months of inventory so you can see in the different markets that Tustin and Tustin Ranch they have only one to two months of inventory and that is a very good market for a seller now we're gonna take a look at average days on the market you can see in the North Tustin market this year it's actually taken less time than last year which is really really unusual because the prices the average price is higher in that market then both Tustin and Tustin Ranch if you look at Tustin and Tustin Ranch you'll see that the time on the market has actually increased versus last year so this is kind of an interesting thing to keep your eyes on and we'll see how that plays out over time looking at the final two categories you'll see final list price to sold price and original list price to sold price so starting with the final list price you'll see that this year in North Tustin things are selling for full price on average 100% Tustin 99 percent in Tustin Ranch 98 percent that's telling us that the buyers are not willing to buy unless a house is just priced dead-on value if you look at any of these houses that had to reduce before they sold that would be the original list price versus a sold price and again you can see how tight that is 99 98 and 97 so what is this week's test and talks telling us well if you are a seller the highest part of demand is over with it's gonna go down from here you're still gonna have competitors there to come on the market and probably continue to over price because that's just naturally what a lot of sellers do so if you're a smart seller price your home correctly because what the data is telling us is that people are paying almost 99 percent of the final asking price so we're not gonna fool anybody here on price the buyers are educated and the buyers don't get excited until was priced well now buyers what are you gonna be doing well when you see a house that you feel is priced right you better jump on it because if you don't someone else probably will because you're gonna take advantage of these good long-term interest rates if you want us to help you out to determine what's a good buy and what's not a good buy please give us a call and sellers this is the kind of market you really need experience you need our help on this this is changing market we've been through it we know what's going on give us a call let us help you and please subscribe to this Tustin talks so that you can get this every two weeks automatically delivered to you thanks again and we'll see you in two weeks for the next Tustin talks thanks hey guys who you getting your real estate advice from do you know there's twenty three thousand agents in Orange County and 87% of them are gonna be out of the business within five years the odell groups been around for nearly forty years we are ranked number nine and transactions closed and we can give you the right advice to help you make good decision so please click on our subscribe button here and start watching the videos and let us know if there's anything we do to help you

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