Based upon our analysis of the local south Orange County real estate market, and our day to day work in this market, it appears that the real estate market has stabilized here in Tustin Ranch and south Orange County, CA.
Lets look at some of the numbers for homes sold recently as compared to last year. In the past 90 days, there have been 31 detached homes that have sold and closed escrow in Tustin Ranch, CA. These homes range in price from a low of $570,000 for a 3 bedroom, 3 bath, 1,300 square foot house on Kearney Ct in the Travilla subdivision. To a high price of $2,875,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Amberdale Dr. in Tustin Ranch Estate. The median sold price is $780,000 and the average price is $986,464. The average price per square foot is $408 and the average days on market is 95 days.
During this same 90 day period last year, there were 37 detached homes that sold and closed escrow in story Ranch, CA. These homes ranged in price from $589,000 for a 2 bedroom, 2 bath, 950 square foot single story house on Cook Ct in the Travilla tract. On up to $3,500,000 for a 5 bedroom, 6.5 bath, 7,355 square foot estate on Portrait Way in median Ranch Estates. The median price of these sold homes one year ago was $840,000 and the average price was $1,030,115. The average price per square foot was $434 and the average days on market was 35 days. Comparing these figures to the current days yields the following: The Median price of detached homes has decreased 7% in the past year, the Average price decreased by 4% and the average price per square foot decreased by 5%. This is a relative small correction , despite the overblown negative press about the local real estate market. And, based upon our analysis of the months of inventory which has stabilized in the past several months, and the decreasing inventory of homes for sale, we expect the home prices to hold firm at these levels.
Lets look at attached Condominiums. In the past 3 months, there were 28 Condos that have sold and closed escrow in Tustin Ranch, CA. The condominiums range in price from $320,000 for a 1 bedroom, 1 bath, 600 square foot unit. Up to a maximum of $800,000 for a 2 bedroom, 2 bath, 1,850 square foot Townhome with Tustin Ranch golf course view on Aquasanta street in the Corte Villa tract. The median price of these condos sold is $492,000 and the avearge sold price is $489,435. The average price per square foot is $394 and the average days on market is 72 days.
Last year during this same 3 month period there were 62 Condos that sold and closed escrow in Tustin Ranch, CA. The median price of these 62 dols condos was $532,000 and the average sold price was $528,561. The average price per square foot was $431 and the average days on market was 44 days. The median price and average price decreased by 7.5% in the past year, while the average price per square foot decreased 8.5 %. As before, this is a mild correction to a very hot real estate market that lasts 6 years. The 6% to 8% drop in prices has occurred in other south Orange County cities as well.
There are 14 detached homes currently under contract In Escrow in Tustin Ranch, Ca. These homes range in price from $689,000 for a 3 bedroom, 2.5 bath, 1,638 square foot home on Holderman Court in the Presidio tract, on up to $3,198,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Horizon Way in Tustin Ranch Estates. The average priced home in escrow is $1,069,000. For attached condos, there are 17 condominiums currently In Escrow. These condos range in price from $279,900 for a 1 bedroom, 1 bath, 575 square foot studio unit on Keller Dr. in the Mandevilla tract, on up to $675,900 for a 2 bedroom, 2.5 bath, 1,875 square foot condominium on Tequestra St. in the Corte Villa subdivision. The average price of these condos in escrow is $531,500.
Currently there are 45 detached homes active for sale in Tustin Ranch. These homes range in price from $599,900 for a single level 3 bedroom, 2 bath, 1,100 square foot home on Kearney Dr. in the Travilla tract. On up to $2,850,000 for a 5 bedroom, 5.5 bath, 5,400 square foot estate on Padias Ln in Tustin Ranch Estates. The median price of the 45 homes is $975,000 and the average asking price is $1,140,293. The average price per square foot is $420 and the average days on marekt is 86 days.
Finally, there are 49 attached condos and townhomes currently active for sale in Tustin Ranch, CA. The condos range in price from $299,999 for a 1 bedroom, 1 bath, 577 square foot unit on Champion Way in the Rancho Veracruz subdivision. To a high of $890,000 for a 4 bedroom, 3 bath, 2,650 square foot condo on Tequestra street in the Corte Villa tract. The median price is $518,000 and the average price is $526,346. The average price per square foot is $424 and the average days on market is 66 days.
The real estate market in Tustin Ranch has cooled off substantially from a year ago, but we see several signs that a bottom has been reached at this time. If you would like view all homes or condos listed for sale, please visit our website at: Tustin Ranch Real Estate.
