Inventory Update in Tustin — Looking better?

A post on Real Estate Meltdown noted that “Orange County home prices inched up in November from October, but still remain well below prices of year earlier. The median price of an Orange County home was $582,750 in November, a 1.6% increase from a month ago…” The post also stated that median prices are down 6.5% from a year ago.

And where does Tustin stack up against all of this? Well, it’s not exactly doing as well as the stats above would make you think. In looking at data from Altos Research, we see that the current median home price continues to drop and is now $712,000. Back in early November, I reported that the median home price in Tustin was $719,950. That’s a 1.1% drop in median home prices over the last month, almost the exact opposite of the 1.6% increase for Orange County.

The market action index is 14.81 (down from 15.91 a month ago) leading to even more of a buyer’s market. There are 235 homes currently on the market (up from 233) and the average days on the market is at 92 days.

As you can tell from the graphs and data, it seems that we could possibly be close to a leveling point. The data is not definitive but is giving a slight seductive hint of that. We’ll just have to wait and see what happens.

Median Price of homes in TUSTIN, CA. Measured on December 16 2007. Market Action Index of homes in TUSTIN, CA. Measured on December 16 2007.

Days On Market of homes in TUSTIN, CA. Measured on December 16 2007.Inventory of homes in TUSTIN, CA. Measured on December 16 2007.

The average wait time on the market is 92 days in Tustin. With that in mind, check out these old timers:

13722 Red Hill #85; Tustin 92780; 1 bed/1 bath; 696 sq ft; $265,000; 386 days on the market

1217 North Cabrillo Park Dr, Santa Ana (North Tustin) 92701; 3 bed/2 bath; 1,482 sq ft; $499,000; 333 days on the market

1592 Garland Ave, Tustin 92780; 3 bed/2 bath; 1,549 sq ft; $654,000; 300 days on the market

12388 Zig Zag Way, North Tustin 92780; 3 bed/2 bath; 1,800 sq ft; $1,175,000; 295 days on the market