It’s time to check out the housing inventory in Tustin. What do you think? Is it in good shape? Let’s look at some research (courtesy Altos Research) to get an idea.
Not so bad, in comparative terms anyway. Compared to Santa Ana (see my posting earlier this week “Inventory Update in Santa Ana“), Tustin is doing pretty well under the current market conditions. First, let’s look at inventory. The graph tells us that there’s been a consistent increase in the number of homes doing their time on the market. As of September 16th, there were 224 homes on the market. Compare this to 1,119 homes on the market in Santa Ana! Granted Santa Ana has a much greater number of properties than Tustin, but not enough to be in line with Tustin proportionally.
The market action index is sitting at 27.45 (telling us the relationship of sellers to buyers). This indicator shows us that it’s a buyer’s market in Tustin — there’s a bigger supply of houses for sale than buyers looking to buy. A big “Duh!” from a fancy graph, right? I think you’d find most of the country in this state of a “buyer’s market.”
Knowing this information (and knowing is half the battle!), let’s look at some properties that have had more than their fair share of time on the market.
1 bed/1 bath condo; 696 sq ft; $265,000; 296 days on market
1 bed/1 bath condo; 787 sq ft; $349,000; 291 days on market
3 bed/2 bath house; 1,549 sq ft; $669,000; 210 days on market
3 bed/2 bath house; 2,055 sq ft; $799,000; 241 days on market
5 bed/4.5 bath house; 4,698 sq ft; $1,850,000; 360 days on the market
6 bed/4.5 bath house; 6,724 sq ft; $3,499,900; 297 days on the market