Tustin Talk – O.C. Housing Market Update (04/12/19)

Tustin Talk - O.C. Housing Market Update (04/12/19)



hey there it's Dean Odell with the O'Dell group at Seven Gables real estate and it's time again for Tustin talks well I want to thank all you subscribers out there we have over 1400 subscribers now and at the end of this video you'll have a chance to subscribe as well so please subscribe to Tustin talks let's get on with what's what we're gonna do this week we're you're going to talk about Tustin in general if you remember we rotate every two weeks between Tustin and the Greater Orange County market so we're going to focus on the three Tustin markets today sellers you have more competition okay people are putting their houses on the market in masses you're probably noticing more signs go up the market is not absorbing all the inventory that's coming on which means slowly every month we're gaining more and more inventory so let's compare the Tustin market so if you look at this data table we created for you you can see that we are comparing the nine to seven oh five nine to seven eight oh and nine to seven eight two zip codes there's not that much inventory available even though we have had a large increase in inventory if you look you can see the increase of Homes for Sale has increased anywhere from sixty percent all the way up to seventy eight percent in those three zip codes so that's a big increase in inventory the actual new listings meaning people that are just listed in the last 30 days we had a giant increase in North Tustin hardly an increase at all in Tustin and actually a decrease in the 92 72 zip code if you look at the days on the market you'll see that they vary from 45 to 60 days on the market that's an increase in time to get your home sold over last year but that is still not too bad anytime you could sell your home in under 60 days that's pretty good and it leans in the favor of the seller if you look at the solds in the area you can see north tustin's way up almost 45% Tustin is even with last year so if you look at the pendings North Tustin is up 10% Tustin is down 3% the last observation I want to make is the list price to sales price ratio if you look at the number you'll see that there is a olp which is original list price and FLP which is final this price if you look at North Tustin for instance North Tustin is selling at 93 percent of what they originally listed their house at and 97 percent of what their final list price means so if you take the difference that means people on average are reducing their price four percent before they get the offer to sell it at 97 percent so what are the takeaways from today's data and what have we learned okay sellers you have to understand in April May and June a third of the inventory for the entire year will come onto the market and it will continue to come on until it Peaks in August the buyer demand will not keep up with the amount of inventory hitting the market and the buyers know this they realize they're seeing that they have choices now it's not like it used to be where they were worried whether another house was gonna come up on the market they know another house it's gonna come up on the market buyers what you need to understand is that there's only so many good houses when you see one that's priced well upgraded well looks good and it's fair price you need to jump on it interest rates are excellent and you need to take advantage of that for the long term so as they say if the price isn't compelling it's not selling so sellers give us a call let's get that house priced properly let's get it prepped properly and buyers if you need some local knowledge here or the inventory we can certainly help you out as well please give us a call and we'll see you in two weeks on Tustin talks hey guys who you getting your real-estate advice from do you know there's twenty three thousand agents in Orange County and eighty-seven percent of them are gonna be out of the business within five years the Odell groups been around for nearly 40 years we are ranked number nine and transactions closed and we can give you the right advice to help you make good decisions 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

Comments

  1. barry

    I'm a scared a seller that real estate prices are going down year after year…..bubble days were over! The area l've lived in Mission Viejo, El Toro area selling prices are 12 – 13% down this year and listing period stretched over 6 months according brokers' opinion. This may affect Tustin area ? So they say….? True? Wrong broker's opinion?? Sun will shine again or doom and groom over real estate market ??

Leave a Reply

Your email address will not be published. Required fields are marked *