The housing market in Mission Viejo sped up 33 days vs. a year ago as roughly one-third of its listings were distressed properties.
Real estate for sale in Mission Viejo appears chilled by one set of statistics.
Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale. Here?s what the latest report ? as of April 13 ? details about Mission Viejo ?
?178 residences listed in brokers? MLS system with 165 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 1.08 months vs. 1.08 months found two weeks earlier vs. 2.19 months seen a year earlier. Countywide, latest market time was 1.63 months vs. 3.36 months a year ago.
?So, homes in this community sell ? in theory ? in 34% less time than the countywide pace.
?Of the homes listed for sale in this community, 65 were either foreclosures being resold or short sales, where sellers owe more than the home?s value. So distressed properties were 36.5% of supply of homes for sale vs. 25.2% countywide.
?Homes for sale in Mission Viejo represent 2.8% of Orange County inventory ? and 4.1% of all the distressed homes listed for sale in Orange County. New escrows here are 4.2% 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 ? 66.7% ? followed by Stanton at 65.5% of listings and Anaheim at 54.4% of listings.
?Fewest? Seal Beach was tops ? 1.7% ? followed by Corona Del Mar at 2.6% of listings and Laguna Beach at 7.3% of listings.
Filed under News ?
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