Today, our market is absolutely a seller’s market in the lower price ranges. We went from having four to five months of inventory with adequate new properties replacing the ones in escrow to having roughly two months of inventory and not enough properties coming on the market.
Homes that are $500,000 or less and are properly priced have been receiving multiple offers and sometimes going for more than asking.
The following update on local real estate information is based on Multiple Listing Service data as of Friday.
BREA
Properties available: 66
Condominiums: 16
Houses: 50
Short Sales and REOs: 25
Average condo price: $318,387
Average house price: $661,436
Average time on the market: 97 days for condos; 64 days for houses
Available properties by price range:
Under $399,999: 20
$400,000 – $699,999: 36
$700,000 – $999,999: 6
$1,000,000 and over: 4
Properties available by ZIP Code:
92821 – 58
92823 – 8
Escrows opened last week: 6
Least expensive houses: One of the least expensive homes going into escrow features 3 bedrooms, 2 baths, 1,670 square feet and a 7,812-square-foot lot with 2-car attached garage. This home is listed for $380,000. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Most expensive properties: One of the most expensive homes going into escrow features 4 bedrooms, 3 baths, 2,022 square feet and a 5,307-square-foot lot with 2-car attached garage. This home is listed for $500,000. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Closed escrows: 5 with an average sale price of $405,400 and an average time on the market of 59 days.
LA HABRA
Properties available: 142
Condos: 39
Houses: 103
Short Sales and REOs: 78
Average condo price: $153,026
Average house price: $381,959
Average time on the market: 121 days for condos; 104 days for houses
Available properties by price range:
Under $199,999: 34
$200,000 – $399,999: 73
$400,000 – $699,999: 32
$700,000 and over: 3
Escrows opened last week: 8
Least expensive houses: One of the least expensive homes going into escrow features 3 bedrooms, 2 baths with 1,088 square feet and a 6,050-square-foot lot. This home is listed for $180,000. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Least expensive condos: One of the least expensive homes going into escrow features 1 bedroom, 1 bath with 886 square feet and a detached garage. This home is listed for $84,900. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Most expensive properties: One of the most expensive homes going into escrow features 4 bedrooms, 3 baths, 1,987 square feet and a 17,100-square-foot lot with 2-car attached garage. This home is listed for $550,000. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Closed escrows: 8 with an average sale price of $383,987 and an average time on the market of 128 days.
Dennis Bode is a Realtor with Prudential California Realty. You may contact him at 714-814-1041, e-mail him at Dennis@DennisBode.com or find him online at Blog.DennisBode.com.
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Article source: http://www.ocregister.com/news/price-341516-escrow-expensive.html