Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale. Here’s what the latest report — as of May 12 — has to say about Mission Viejo … 393 residences listed in brokers’ MLS system with 121 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 3.25 months vs. 2.64 months found two weeks earlier vs. 1.97 months seen a year earlier. Countywide, latest market time was 3.68 months vs. 2.53 months a year ago. Of the homes listed for sale in this community, 156 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 39.7% of supply of homes for sale vs. 33.9% countywide. Homes for sale in Mission Viejo represent 3.5% of Orange County inventory — and 4.1% of distressed homes for sale. New escrows here are 4.0% of all Orange County’s new pending sales.
Steven Thomas rock the world of Mission Viejo Real Estate stats. Let’s look at the other side of these numbers. 60% of the homes for sale in Mission Viejo today are NOT distressed. And Mission Viejo is tracking to the rest of Orange County with market time – how long on average it takes to get a Mission Viejo home sold today – is about half again as long as this same time last year. But remember – last year, we were still in the artificially inflated demand brought on by the First Time Home Buyer Tax Credit. Got Questions? Leslie 949-678-3373