This report is intended to give you an accurate statistical picture of activity in the Placentia housing market as it changes from month to month. Also, I want to give you a good idea of what Placentia is really like! So, I include a short, subjective description of this beautiful little city and all it offers.
If you are looking for a quiet North Orange County community with a small town Pride of Ownership atmosphere, serene and manicured neighborhoods, excellent schools and reasonable prices ... Placentia is the place for you!
This is even more true if you are looking for a SINGLE STORY home! I can think of no other city in the area that offers such a wide selection to those seeking single level living at an affordable price! Placentia also has an ample supply of spacious two story homes. Placentia condos and townhomes abound in attractive and serene settings!
A short history of recent Placentia market activity:
8/25/07: .... 263 Active/36 Pending - Ratio is 14% 10/8/07: .... 267 Active/16 Pending - Ratio is 6% 12/20/07: .. 228 Active/20 Pending - Ratio is 9% 1/25/08: .... 235 Active/24 Pending - Ratio is 10% 2/28/08: .... 245 Active/27 Pending - Ratio is 11% 4/12/08: .... 226 Active/50 Pending - Ratio is 22% 5/12/08: .... 223 Active/50 Pending - Ratio is 22% 6/15/08: .... 198 Active/59 Pending - Ratio is 30% 7/30/08:..... 208 Active/51 Pending - Ratio is 25% 10/14/08: ...185 Active/51 Pending - Ratio is 28% 11/28/08: ...176 Active/44 Pending - Ratio is 25% 1/21/09: .....130 Active/55 Pending - Ratio is 42% 2/22/09: .....146 Active/65 Pending - Ratio is 45% 3/31/09: .....131 Active/66 Pending - Ratio is 50% 5/1/09: .......108 Active/90 Pending - Ratio is 83% 6/8/09: ........ 97 Active/88 Pending - Ratio is 91% 7/24/09: ...... 89 Active/90 Pending - Ratio is 101%!! 8/29/09: ...... 86 Active/73 Pending - Ratio is 85% 10/15/09: .... 97 Active/92 Pending - Ratio is 95% 12/17/09: .... 84 Active/78 Pending - Ratio is 93% 1/20/10: ...... 102 Active/ 61 Pending - Ratio is 60% 2/27/10: ...... 105 Active/82 Pending - Ratio is 78% 4/11/10: ...... 121 Active/76 Pending - Ratio is 63% 5/20/10: ...... 131 Active/89 Pending - Ratio is 68% 7/2/10: ........ 141 Active/76 Pending - Ratio is 54% 8/24/10: ...... 173 Active/80 Pending - Ratio is 46% 10/25/10: ..... 159 Active/92 Pending - Ratio is 58% 2/25/11: ...... 120 Active/ 74 Pending - Ratio is 62% 3/27/11: ...... 129 Active/ 72 Pending - Ratio is 56% 5/17/11: ...... 157 Active/ 74 Pending - Ratio is 47% 7/24/11: ...... 167 Active/ 74 Pending - Ratio is 50% 8/27/11: ...... 166 Active/ 88 Pending - Ratio is 53% 11/8/11: ...... 136 Active/ 85 Pending - Ratio is 63% 1/23/12: ...... 101 Active/ 80 Pending - Ratio is 80%
Wow! What a great way to start off the New Year! The Spring market, beginning 1/2/2012, is the most active segment of the Real Estate calendar.
The really high ratios of late 2009 - early 2010 were not sustainable but we are working our way up to that level again.. There were not enough good houses to go around then! The market was driven by Federal and State tax incentives at that time. We will have to see what happens as we move into 2012. . Buyer activity is still concentrated in the lower price ranges. However, there is a definite trend in Placentia and surrounding cities ... sales are moving into the higher price ranges! But it goes slow!
69% of the total Placentia Active inventory is priced below $500,000. 84% of the total Placentia Pending sales are in this range.
31% of the total Active inventory is listed over $500,000. Only 16% of Placentia Pending sales are in this range. This tells the current story of the Placentia market.
Inventory is tight and this will eventually force prices up but, again, it will be a slow process. Multiple offers and over-bidding are still common on the "good" Placentia properties.
The highest Pending sale is a large and gorgeous Placentia golf course area property built in 2005 .... in escrow with a list price of $700,000.
Of the 101 Active listings, 28 are Placentia condos and townhomes (28% of total inventory) ranging in price from $109,900 to $439,900. Size and amenities vary greatly! Placentia has some very lovely condo/townhome neighborhoods!
Placentia townhouses and condos are selling! Pending to Active ratio is now a much increased 104% with 28 Active and 29 Placentia condos/townhouses in escrow! . As of 1/23/12, there were 73 Active listings of detached Placentia residences under $1,000,000. This category has 51 homes in escrow for a current ratio of 70%. Detached single family homes in Placentia are also selling!
There are no Active or Pending Placentia listings priced at $800,000 or above right now.
The overall detached Active listing price range is $219,900 (3 bdrm/2 bth, 1077 sqft, built in 1980 near the old downtown area) to $759,000.
This most expensive Placentia listed home has 4 bdrms/3bths, 3211 sqft, a 3 car garage and was built in 1999 with a golf course view..
Only 15 Active detached Placentia SFR listings are priced under $400,000! These properties are usually much older and/or smaller than the general Placentia inventory. This range now has a smashing ratio of 127% with 15 Actives and 19 Pending!
Claiming second place are 27 Placentia detached home listings priced at $400,000 to $500,000. With 19 Pending homes ... this group has an excellent 70% ratio!
17 Active Placentia listings are between $500-600,000. The ratio for this group is 41% with 7 homes in escrow. Some beautiful homes in this range!
11 Placentia homes are listed in the $600,000's and only 5 listings are in escrow. The ratio is now an increased 46%.
With 3 Active listings and only 1 in escrow ... the ratio for the $700,000's is 33% but the numbers are small!
It is hard to find large, newer Golf Course view properties in Orange County at such reasonable prices. Beautiful Placentia Golf Course view homes are great bargains right now!
It is just as hard to find updated detached homes with good square footage, in very nice neighborhoods with excellent schools, in and under the $500,000's. You will find them in Placentia.
29 MLS listed Placentia homes closed escrow between 11/15/11 and 12/14/11. The highest sale for this period closed at $650,000. It was a Placentia Short Sale and sold at 100% of list price.
All figures below refer to these 29 closed Placentia sales.
Only 11 closed sales (38%) were over $500,000 ... and only 3 of those were over $600,000. The Placentia market is moving up in price. But it will not happen overnight!
11 of the total closed Placentia homes (38%) sold at 100% to 103% of list.
19 of the Placentia closed listings had been reduced in price, at least once, before final sale. 7 prices had been raised and 3 listings had never changed the list price.
A Listing Price can be raised for several reasons. There were multiple offers and the home sold for over list price. The Seller made concessions to the Buyer (such as paying closing costs) and the price was raised to compensate.
Or, in the case of a Short Sale, the Lender decided it needs more for the property than the List Price ... which the bank did not set. Please note that these conditions may also exist without officially raising the list price
Average "Days on Market" (DOM) for all closed Placentia sales in this time frame was 91 days from date of listing to gaining Pending Status. The average DOM is actually pretty good considering this figure includes 3 sales that took from 200-250 days to go Pending!
Time spent in "Back Up" status counts as Active time ... Short Sales are usually in Back Up status until just before closing.. A home may also have fallen in and out of escrow a couple of times. Only the current listing's marketing time is counted ... a property might have been listed before and expired.
Only 8 of the closed Placentia homes were on the market for 30 days or less!
Really long marketing times often reflect Short Sales ... which can take forever to process. But not always! An Equity property could have been simply overpriced for months.
5 Placentia Bank Repos closed during this period, at an average of 100% of List price. All ratios ranged between 99% and 102%.
Placentia Short Sales (9) averaged 98% of List at closing. All ratios were between 92% and 102%.
It all depends on the comps, condition, location and the Bank and Agent involved! List price can mean very little on a Short Sale.
Standard Equity Sales (15) in Placentia averaged 99% closed to list price. An Equity sale is a listing that was owned by a human being with enough equity to sell and pay his costs. All ratios were between 96% and 103% of List price.
The number of Placentia Standard Equity Sales has been increasing as more regular Sellers realize that they really CAN sell their homes fairly quickly and for a good market price!
If a home is well priced, well appointed and has a good location ... it can sell fast! If a home stays on the market longer than normal, it was probably simply overpriced for what it is, unless there is some specific material flaw. Or, it is a Short Sale in progress.
Placentia home prices have definitely dropped in the past few years and have not risen really significantly at this point. Buyers now have less to choose from as inventory has dropped also. Multiple offers are common. Sellers are still negotiating here and there ... depending on the situation and the List price.
Most Placentia homes are selling for pretty close to List price, or over List price, once it is determined what that price should be.
Experts predict that immigration into Southern California will continue to exceed available housing. If this is true, prices will appreciate slightly in the near future, even if interest rates rise as well.
Like so many Orange County cities, Placentia began as part of an early Spanish land grant which evolved into farms and, especially, orange groves. "Placentia" means a "pleasant place to live" and the area has been called this for 130 years.
Incorporated as the City of Placentia in 1926, the new town became the center of Valencia orange growing and packing. This was only made possible by the new railroad tracks along what is now the southern border of the city.
In 1960, Placentia's population was only 5000. By 1970, the population had exploded to 25,000 as tracts of new homes devoured the farm land. The majority of Placentia homes were built during this decade ... arranged on orderly streets and cul de sacs and adorned with trees. The churches and schools soon followed. Because land was cheaper in that era, the many Placentia single story homes came to be. There is also a good supply of two story homes in Placentia ... many of which were built during this period.
Another population explosion began in the early 1990's, mainly in the southeastern area of Placentia. Today you will see many newer, elegant homes in the neighborhoods that center on the private Alta Vista Golf Course and spread out around it
Placentia, today, has approximately 48,000 inhabitants. The city is now virtually built out with less than 150 acres available for development.
Except in the townhomes and the most recent construction, you will find few Homeowner's Associations in Placentia. There are special tax assessments (which may or may not be called "Mello Roos") in most of the newer areas. They vary greatly by tract and must be verified on an individual basis.
There is relatively little commercial development in Placentia. Most is clustered along the edges of Yorba Linda Blvd which bisects the city. There are other small areas featuring strip malls, but primarily, Placentia is a city devoted to residential development. There are 14 public parks!
The schools are part of the Placentia-Yorba Linda Unified School District which enjoys an excellent reputation and is ranked among the best in California.
One of the most striking Placentia city "monuments" is a 117 foot tall water tower erected in 1935. It held 50,000 gallons of water and was fully functional until drained in 1993. Now, it simply presides over the city and lends a bit of old time flavor!
Placentia was awarded the honorary title of "All America City" in 1971 and the water tower proudly displays that emblem for all to see!
In keeping with the small town atmosphere, there are several community festivals and events during the year. These include the annual Fourth of July fireworks display and festival, a Summer Concert Series held at the very large Tri-City Park and a huge annual craft show and sale at one of the High Schools.
Every October, since 1965, residents enjoy the Placentia Heritage Days Festival and Parade celebrating the history of the city.The festival features food and craft booths, high school bands and all kinds of fun for kids and adults alike.
Don't look for much exciting nightlife in Placentia ... it's much too quiet and family oriented for that! But, you will find good places to eat and shop and take long walks. And, get to know your neighbors!
Over the years, I have shown a LOT of property in Placentia and represented many Buyers and Sellers there. I have always been struck by the friendly, quiet atmosphere and the pride of ownership that shows itself everywhere in this small city! Placentia is a VERY peaceful, pleasant place to come home to!
About Marlene Prescott:
Thank you for viewing my Market Conditions report! I have been happily and successfully representing Buyers and Sellers in North Orange County and the Corona area Since 1982. I love Real Estate and it shows!
I am a member of the Prudential Leading Edge Society which means I ranked among the top 6% of all Prudential agents nationwide. I have been affiliated with Prudential California Realty for the last fifteen years. The prestige and clout of Prudential, combined with my own expertise and experience, is a winning combination.
You will find me professional and easy to work with! Your questions and concerns will be addressed promptly and completely. A transaction is about you ... and I will always keep your best interests as my primary focus. I really listen to what you say.
I am a native Southern Californian, but went to High School on the Oregon coast before graduating from the University of Oregon. Following graduation, I was a social worker in downtown Los Angeles for eight years before I married and moved to Yorba Linda in 1972. I have a son and a daughter who are both currently living on the East Coast ... I try to visit them often.
I love to garden, read, attend live theater, travel and paint rooms in my house (among other homeowner things). I love my cats and crafts .... and life in general! I am forever searching for a highly scented candle and a good novel with substance!
EMail me at MarlenePre@AOL.com or call me at (714) 998-7250 with any questions you may have about my little corner of the world or our Real Estate market. You will receive a prompt, thoughtful and reliable response!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
