Wednesday, December 9, 2009

Placentia Real Estate Update - Market Conditions December 2009

In the Placentia, CA real estate market there are currently 63 active homes on the market for sale. Of these:

7 are under $300,000
9 are between $300,000 and $400,000
9 are between $400,000 and $500,000
20 are between $500,000 and $600,000
19 are between $600,000 and $700,000
6 are between $700,000 and $900,000
0 are over $900,000

In the past 2 months Placentia has had 63 home sales:

11 under $300,000
9 between $300,000 and $400,000
18 between $400,000 and $500,000
14 between $500,000 and $600,000
11 between $600,000 and $700,000
1 between $700,000 and $900,000

Right now there are 63 Placentia home in escrow with:

7 under $300,000
9 between $300,000 and $400,000
17 between $400,000 and $500,000
12 between $500,000 and $600,000
9 between $600,000 and $700,000
10 between $700,000 and $900,000

Placentia's real estate market is actually pretty consistent across all price points. Consistent for the area and time I suppose. The top selling markets and the ones that appear to be the hottest are those at the $400,000-$500,000 price point. The lower price point is strong as well but inventory is low so the amount of sales will be limited by this. That being said, it is still a market segment that is seeing multiple offers over list price.

Suprising though is the strenth of the $500,000-$600,000 price point. This mid level Placentia home value has actually had quite a few sales and appears strong from a surface glance. Of course, we all know the devil for any market is always in the details. As we are seeing across Orange County, the sales do slide off once we get over teh $600,000 price point but not quite as dramatically as we are seeing in other areas.

Our Tips

For Placentia home buyers - We are seeing quite a bit of opportunity in the $600,000+ price ranges. The bang-for-your-buck factor at this price point is fantastic!!

For Placentia CA homeowners - The timing is actually good for many people looking to move up into the middle and upper middle price ranges if they have some equity to sell. The theory being they can sell in a hot entry level market and buy for a discount in the upper level markets.

Feel free to browse the current Placentia homes for sale to get a feel for the current market.

Orange County Home Sales in the Median Range - Dec 09

Our last couple posts dealt with hot market for entry level homes in Orange County. If we took those same home requirements and bumped it up a bit to be between $400,000 and $500,000 we see something very interesting happen. To refresh, the basic criteria is a single family residence with at least:

3 Bedrooms
2 Full Baths
1000 Sq Ft
2 Car Garage
6000 sqft lot

In all of Orange County, this buyer would now have an additional 175 homes to look at!

If they were to take the price point up to between $500,000 and $600,000, that would mean yet another 200 houses that would fit the price range!

Of worthwhile note is also the fact that the highly desireable cities like Tustin, Fountain Valley, Orange, Rancho Santa Margarita, Fullerton, Yorba Linda, and Mission Viejo start coming into play at this range.

While we wouldn't consider this an abundance of homes by any means, especially when you consider many people will want 4 bedrooms, 3 baths, 2000+ sqft, etc, we think the numbers reveal a much different inventory of homes available to buyers.

Most of our clients are summing this up best with statements like, "Wow, I'm really liking the bang for my buck better at these price points!"

We would have to agree, atleast for now. You can see what is available at these price points by using the quick home search on our Orange County Homes For Sale page