Hotter housing: Placentia or Yorba Linda?

From the Orange County Register

By JONATHAN LANSNER

Placentia or Yorba Linda: Which home market’s in better shape?

Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale. Here’s what the latest report — as of October 13 — has to say …
PLACENTIA

  • 139 residences listed in brokers’ MLS system with 60 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 2.32 months vs. 3.14 months found two weeks earlier vs. 3.15 months seen a year earlier. Countywide, latest market time was 3.46 months vs. 4.12 months a year ago.
  • So, homes in this community sell — in theory — in 33% less time than the countywide pace.
  • Of the homes listed for sale in this community, 66 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 47.5% of supply of homes for sale vs. 35.3% countywide.
  • Homes for sale in Placentia represent 1.4% of Orange County inventory — and 1.9% of all the distressed homes listed for sale in Orange County. New escrows here are 2.1% of all Orange County’s new pending sales.

YORBA LINDA

  • 312 residences listed in brokers’ MLS system with 86 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 3.63 months vs. 3.45 months found two weeks earlier vs. 5.07 months seen a year earlier. Countywide, latest market time was 3.46 months vs. 4.12 months a year ago.
  • So, homes in this community sell — in theory — in 5% more time than the countywide pace.
  • Of the homes listed for sale in this community, 107 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 34.3% of supply of homes for sale vs. 35.3% countywide.
  • Homes for sale in Yorba Linda represent 3.1% of Orange County inventory — and 3.0% of all the distressed homes listed for sale in Orange County. New escrows here are 3.0% of all Orange County’s new pending sales.

Compare these trends to countywide patterns:

  • Cities with highest level of distressed properties among their listings? Portola Hills was tops — 70.0% — followed by Ladera Ranch at 63.9% of listings and Rancho Santa Marg. at 63.1% of listings.
  • Fewest? Seal Beach was tops — 3.8% — followed by Corona Del Mar at 4.8% of listings and Newport Beach at 8.9% of listings.

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