Tustin real estate

The Tustin real estate market, part of the larger Orange County housing market, saw almost no movement in median sales price but a distinct decline in sales volume. The Tustin homes for sale is traditionally much more expensive than the rest of the country, along with Orange County in general. Between April 2010 and April 2011, the quantity of home sales declined  by just under seven percent, while it also fell by slightly less than five percent between March 2011 and April 2011. In April, there were a total of 2,485 residential properties sold across Orange County, marking a broader region-wide decline. Historically, April is a month of increasing sales volume, which makes this sales decline especially disconcerting. The median sales price of a property in Orange County in April 2011 was $430,000, a figure which was unchanged relative to both year ago and month ago levels. The median price in Orange County was well above the region’s average, which stood at $280,000 in the most recent tracking period. The job market continued to be tenuous in the region, making it more difficult to entice potential buyers to purchase a property in Orange County in general or Tustin in particular.

It is still not entirely clear what caused a sharp decline in Orange County home demand over the past few weeks. According to statistics reported by the Orange County Register, the demand for local properties declined by nearly ten percent in the April and the beginning portion of May. High end properties are becoming increasingly difficult to market, taking on average more than eight months to find a buyer. However, home prices may rise in upcoming months, according to experts at California State Fullerton. These economists suggest that the median sales price in Orange County, including Tustin, will increase by approximately five percent in the next year. In the present, however, more than forty percent of listed properties in Orange County are distressed properties. Distressed properties, especially foreclosures, tend to depress the median sales price of a region. Over the past several months in Orange County, foreclosures and short sales have kept the median price well below historic levels.