This report is intended to give you an accurate picture of Yorba Linda housing market activity as it changes from month to month. Also ... I want you to know what Yorba Linda is really like! So, I include a short, subjective description of this beautiful small city and all it offers.
Yorba Linda is a serene, friendly, upscale suburban city of approximately 65,000 people, nestled in the extreme Northeast corner of Orange County. Part of an early Spanish land grant to the Yorba family, the city's name literally translates to "Beautiful Yorba" as it's rolling hills were considered the loveliest part of the old ranch.
Yorba Linda is widely regarded as an exclusive and prestigious community and homes are highly sought after!
A bit of recent market history in Yorba Linda:
On 7/30/07: ..469 Active listings/77 Pending-16% ratio On 8/24/07: ..479 Active listings/59 Pending-12% ratio On 10/5/07: ..488 Active listings/43 Pending-9% ratio On 11/27/07: 456 Active listings/46 Pending-10% ratio On 1/25/08: ..382 Active listings/43 Pending-11% ratio On 2/20/08: ..401 Active listings/58 Pending-15% ratio On 4/8/08: ....438 Active listings/73 Pending-17% ratio On 5/11/08: ..450 Active listings/80 Pending-18% ratio On 6/11/08: ..422 Active listings/98 Pending-23% ratio On 7/19/08: ..427 Active listings/101 Pending-24% ratio On 9/26/08 ...375 Active listings/100 Pending-27% ratio On 11/4/08 ...365 Active listings/83 Pending -23% ratio On 1/19/09 ...314 Active listings/84 Pending- 27% ratio On 2/20/09 ...315 Active listings/117 Pending-37% ratio On 3/24/09 ...322 Active listings/120 Pending-37% ratio On 4/19/09 ...305 Active listings/120 Pending-39% ratio On 6/6/09 .....313 Active listings/144 Pending-46% ratio On 7/20/09 ...300 Active listings/145 Pending-48% ratio On 9/25/09 ...255 Active listings/177 Pending-69% ratio On 10/27/09..221 Active listings/189 Pending-86% ratio
Yorba Linda inventory has decreased again ! Sales for this period are up significantly, also, as the Autumn rush begins. The market traditionally remains very brisk until about 11/15 when activity dies down for the Holidays. May not die down this year!
Multiple offers are very common as Buyers compete for fewer available properties. This will eventually force prices up and it is already happening ... but slowly!
Recently enacted tight Appraisal guidelines are keeping the lid on prices that are trying to rapidly go up.
If you find a house you really like, you don't have long to decide whether to make an offer. If you don't, someone else will probably beat you to it! Especially in the lower price ranges!
I have finally changed the general market classification to "Seller's Market" as 44% of very recent closed Yorba Linda sales were over $600,000. Ratios have improved a lot in the higher priced Pending categories also. It has been a strong Seller's market under $600,000 for months and months ... now Buyers are moving up in price.
The Yorba Linda Real Estate market is HOT! The weakest link is the over $1,000,000 market .... but that is improving also.
Interest rates are still at historic lows! Prices have dropped considerably in the last few years. Many Buyers have been "on the fence" waiting for them to drop more. A LOT of these Buyers are now jumping in. They are very wise!
Sellers of homes over $900,000 are still seriously competing with each other for the Buyer's attention ... and are negotiating. Price reductions are still commonplace in all price ranges and categories. But, if a home is well priced for what it is, it will sell quickly and will not need a price reduction.
77 (35%) of all current Yorba Linda detached listings are priced over $1,000,000! This is the largest Active listing price category in Yorba Linda.
Homes listed over $1,000,000 generally take longer to sell ... especially in our current market.
The ratio of 23 Pendings to 77 Active Yorba Linda listings over $1,000,000 has increased to 30% ... the market in this range remains a little slow but is improving. Jumbo financing is still a bit difficult to obtain and it is holding the market back here.
13 homes (57%) in this range were listed under $1,300,000 when they went Pending. The most expensive Pending Yorba Linda property is listed at $2,695,000.
Of the 221 homes currently listed in Yorba Linda, 43 are attached properties. 63 attached Yorba Linda homes are now in escrow for a much increased Pending to Active ratio of 147%. A stunning ratio!
Overall price range for attached listings is $149,000 to $869,000.
The majority of attached homes are priced between $200-400,000. The properties vary greatly in size, views and amenities. Yorba Linda has some very beautiful townhome tracts.
Detached Yorba Linda homes range from $299,900 to $6,350,000! The least expensive is a 3bdrm/1bth detached condo, built in 1972, with 1050 sqft and a 2 car attached garage.
The most expensive detached home is an elegant 5 bdrm/8 bth Tuscan style mansion, with 8,700 sqft, built in 2008, on a 5 acre lot with panoramic views and a 4 car garage. Something for everybody in Yorba Linda!
There are 14 detached Yorba Linda properties listed under $500,000. 16 residences are in the $500's. 19 homes are listed between $6-700,000. There are 21 homes listed in the $700's and 17 in the $800's. 14 listings are priced in the $900,000's. Quite a selection!
As of 10/27/09, there were 103 Pending detached Yorba Linda properties listed under $1,000,000. This represents a much increased 102% ratio of Pending (103) to Active (101) listings in this category. Very good!
The best selling detached Yorba Linda category is the under $500,000 range with an amazing 200% ratio of Pending (28) to Active (14) listings. These homes are selling faster than they come on!
This is followed by detached homes listed in the $500,000's with a 156% ratio of 16 Active and 25 Pending Yorba Linda listings!!
The $600,000's have gained a lot with a current excellent 100% ratio!! 19 Active listings and 19 in escrow! The market action is moving up in price.
Yorba Linda Pending homes listed in the $7-8-900,000's have ratios of 62%, 65%, and 50%! Not bad at all!
The least expensive Yorba Linda homes are being snapped up! Now, the more expensive ones are beginning to sell well too!
57 Yorba Linda MLS listed homes closed escrow between 9/15/09 and 10/14/09.
Looking at all price ranges and categories, 22 homes (39%) closed at 100% of list price or higher.
The highest closed Yorba Linda Sale under $1,000,000 was $970,000.
37 homes had reduced the price at least once before selling. 15 prices had been raised. 5 list prices did not change.
There are three main reasons why a price will be raised on a Pending listing. There may be multiple offers and the price is bid up over list. The Seller may have credited money to the Buyer and the price is raised to compensate. The Bank may approve a Short Sale at a price higher than the list price which the Bank did not set in the first place.
There are 22 closed Yorba Linda sales between $600,000 and $1,000,000 plus three more closed sales between $1,200,000 and $1,475,000. Good news!
32 Yorba Linda homes (56%) still closed at $599,000 and under during this time frame. But, sales are evening out across the price ranges.
Days on Market (DOM) means the number of days a home is actively on the market ... from date of listing until reported as a Pending sale. Days spent in "Back Up" status counts as Active time.
Some homes stay on the market much longer than others and go through several price reductions. Unless there is some serious flaw in condition or location ... this almost always means the home has a list price that is too high in comparison to recently sold homes in the immediate area! These are the homes that can wind up selling for far below original list price after months on the market!
Closed Yorba Linda sales in this timeframe, priced under $1,000,000, sold in an average of 67 DOM. This figure includes 3 listings that took over 200 days to sell. Pretty good average!
The 3 Yorba Linda closed listings over $1,000,000 went Pending in 5, 24 and 113 DOM.
Standard Equity sales of Yorba Linda homes (31), priced under $1,000,000, averaged 97% of List at closing. An "Equity sale" means that the home is owned by a human being with equity. All ratios ranged from 92% to 106%.
There was only one Equity closing over $1,000,000 with a ratio of 95%. One Short Sale in this group closed at 114% of List. One Bank Owned home closed at 116%.
Bank owned properties under $1,000,000 (9) averaged 98% closed to list price. The lowest ratio was 88%. The highest was 106%.
Yorba Linda Short sale closings (13) in this range had a 100% ratio average. All ratios ranged from 90% to 106%.
One Relocation Company listing had a 100% closed to list ratio.
The most expensive property in this timeframe closed at $1,475,000.
So, it seems that, once Sellers come to terms with the real market value of their home, they can get pretty close to list price. Depends, of course, on the individual circumstances of each sale. Especially the PRICE!.
Most experts predict that immigration into Southern California will continue to exceed available housing. If this happens, prices will continue to increase over time even if interest rates rise as well. In recent history, there have always been "Boom or Bust" cycles.
There are no "bad" neighborhoods in Yorba Linda. Homes in Yorba Linda command higher prices than most surrounding areas. Still, Yorba Linda has something for everybody!
Many of the homes here have gorgeous views! You can take your pick of city light, golf course, pastoral and even Catalina views! Because most of the Yorba Linda area is elevated, evening brings cooling breezes on even the hottest days.
Yorba Linda can boast of two excellent golf courses! The Yorba Linda Country Club is private and located in the central part of the city. The fairways are surrounded and viewed by tract homes built in the 1970's as well as many elegant custom homes built before and after that time.
The recently opened, public, Black Gold Golf Course is located in the hills of Northwest Yorba Linda. The fairways are surrounded by gorgeous, newer homes of varying sizes! Construction in this upscale planned community will be going on for years to come!
Yorba Linda has historically been known for it's large lots. You will find horse property here! There are many custom areas with very large lots. Miles of city maintained horse trails are found throughout central and eastern Yorba Linda.
The Buena Vista Equestrian Center is a very popular city owned and maintained public park with arenas, training pens and a small grandstand. You can find more information at the website of the Yorba Linda Country Riders: www.YLCR.net.
Newer tract construction since the 90's has tended to concentrate on very large, elegant homes on smaller, but ample, lots. Yorba Linda homes generally have more space around them than the homes in surrounding communities.
You will find few Homeowners Associations in Yorba Linda but they do exist in some tracts. Special tax assessments in the newer areas are comparatively low. The many parks, greenbelts and horse trails are usually maintained by the city and a small charge appears on tax bills.
The Placentia-Yorba Linda Unified School District is very highly regarded and considered one of the finest in Orange County. A brand new, additional High School is scheduled to open in central Yorba Linda in 9/2009!
There is very little commercial development in Yorba Linda. The only large commercial site is located down by the freeway away from most residential areas. The historic downtown area has been beautifully preserved and is the site of several annual Fairs and other events.
And, of course, the Richard Nixon Presidential Library is a great asset to the community and a wonderful way to spend an afternoon!
Yorba Linda really is a small town .... a peaceful retreat from the hustle and bustle of the world outside!
You will love Yorba Linda! I have lived here for thirty years and I have never even considered moving! My kids grew up here and have their own good memories of excellent schools and a clean, serene, safe, friendly way of life. I know this area very, very well! Let me show it to you. You will want to live here, too!!
This report has been written and submitted by:
Marlene Prescott Prudential California Realty
714 283-6643 Marlenepre@aol.com www.marleneprescott.com marlenepre@aol.com CA DRE Lic# 00840097
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!
In 2001, I ranked among the top 6% of all Prudential agents nationwide. I have been affiliated with Prudential California Realty for the last twelve 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.
