Looking To BUY In a Hot Market ?.....Look To South Orange County!
Monday, November 15, 2010
As reported in the OC Register, 11/15/10
Homes in Orange County’s southern foothills are moving the fastest, according to the latest O.C. home inventory report.
| 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 |
- The O.C. town where homes sell the quickest — or where it’s hardest to find one to buy — in terms of “market time” is Portola Hills at 1.9 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 1.4 months.
- 6 of the Top 10 “hardest to buy” communities were in and around Portola Hills’ neighborhood in the Saddleback foothills in South County: Foothill Ranch was #2; Ladera Ranch was #5; the rest of Lake Forest — Portola and Foothill are technically within the city limits — was #7; Rancho Santa Margarita was #9 and Mission Viejo was #10.
- These 6 foothill markets comprised 10% of Orange county’s supply of homes and 13% of homes in escrow.
- Two remaining foothill markets tracked by Altera were Dove Canyon (at #29 of the 40 markets tracked, in terms of market time) and Coto de Caza (#32.)
- “Hardest” market to sell a home in, based on the same math, is Corona Del Mar with market time at 10.6 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 10.7 months.
- All told, countywide market time was 4.2 months last week.
- Chart at right looks at the 10 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price).
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