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
What does this mean? I believe it means that the market is improving and it seems to be a genuine trend! Even the news media is beginning to carry this positive message!
July and August are traditionally slow months for Real Estate. Kids are underfoot, vacations are scheduled and the weather is hot! Still the ratio continued to climb. Slowly but steadily! There is a lot of action out there!
September and up until about November 15 is traditionally a very good period for Real Estate sales but this is not reflected in the 2007 stats. Was this the "bottom"? The October, 2007 slump is reflected in the stats for all surrounding communities, including Corona.
We will have to see what happens in the next few months! We seem to be returning to a normal market!
The Pending to Active ratio is now at 27% ... a many month high! 48% of all Pending listings were listed at $600,000 or less at time of sale.
Prices have dropped considerably but it seems to be evening out. Many Buyers have been "on the fence" waiting for them to drop more. There is also a big "pent up desire to buy" welling up in these Buyers. Interest rates are still low and will probably go lower! Market activity is certainly increasing! Again, we will have to wait and see ...
Overall total "Days on Market before Sale" (DOM) is a slightly increased 71 days in all price ranges and categories. 40 homes (40%) sold in under 30 days. 9 homes took over 200 days to sell and 3 of those homes took over 300 days to go Pending.
Homes that have been on the market for a long while are selling now.
47 (47%) homes had reduced the price at least once before going into escrow. Four properties raised the price.
Buyers still have a WHOLE lot more to choose from these days compared to 2003-2005. Sellers are still seriously competing with each other for the Buyer's attention ... and are negotiating. But, if a home is well priced for what it is, it will sell relatively quickly.
123 (32%) of all current Yorba Linda detached listings are priced at over $1,000,000! 42 of these are listed under $1,300,000. This is, by far, the largest active listing price category in Yorba Linda.
Average time on the market before sale has greatly decreased to 66 days in this price range. 8 properties sold in under 30 days and only two homes took over 200 days to go pending.
The ratio of 17 Pendings to 123 Actives, in this price range, is 14%. The more expensive listings are selling but the ratio is down from 19% in my last report..
10 homes in this range were listed under $1,300,000 when they "sold". The most expensive pending property is listed at $2,295,876. Yorba Linda is a very upscale market.
Yorba Linda homes are selling! Many can still sell in the first week if they are well priced, well located and well appointed. However, price reductions are frequent in all price ranges.
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 many, many months on the market!
Of the 375 homes currently listed in Yorba Linda, 75 are attached properties. Overall price range for attached listings is $194,900 to $889,000.
32 attached homes are currently in escrow for a very good Pending to Active ratio of 43%. Much improved from my last report.
Average time on market for attached homes is 66 days. A bit increased.
The majority of attached homes are priced between $200-400,000 with most of these over $300,000. The properties vary greatly in size, views and amenities. Yorba Linda has some very beautiful townhome tracts.
Detached homes range from $285,000 to $3,400,000! The least expensive is a 2bdrm/2bth manufactured home on it's own lot, built in 1983, with 1055 sqft and a 2 car garage. The tract is surrounded by much more expensive homes!
The most expensive detached home is an elegant 7 bdrm/8 bth single story mansion, with 10,000 sqft, built in 2001, on a 1 acre+ flat lot and a 9 car garage. Something for everybody!
There are 17 detached Yorba Linda properties listed under $500,000. 32 residences are in the $500's. 31 homes are listed between $6-700,000. There are 41 homes listed in the $700's and 37 in the $800's. 19 listings are priced in the $900,000's. Quite a selection!
As of 9/26/08, there are 51 Pending detached Yorba Linda properties listed under $1,000,000. This represents a 29% ratio of Pending (51) to Active (177) listings in this price range. About the same as two months ago.
The best selling detached category is the $600,000's with a very nice 45% Pending to Active ratio. This is followed by detached homes listed under $500,000' with a 41% ratio. The least expensive homes are being snapped up fast!
Average Days on Market at time of sale, as reported by the agents, is an increased 77 days for detached homes under $1,000,000.
It is hard to be accurate regarding "Days on Market" before sale. Some agents don't promptly report Pending sales. And, if a property is in escrow and falls out ... the entire time shows as active. Also, the stated "DOM" only applies to the current listing ... the home might have been listed before.
59 Yorba Linda Homes closed escrow between 8/15/08 and 9/14/08.
Looking at all price ranges and categories,.17 homes (29%) sold at 100% to 106% of list price.
4 homes, in all categories, closed with ratios between 80 and 86%. Three of these were listed over $1,000,000.
One New Construction property sold with a 101% ratio to list price.
Standard sales of detached homes (16) under $1,000,000 averaged 95% of list at closing.
For standard sales over $1,000,000 (12), the average ratio was 91%.
Bank owned properties (17) averaged 100% sales to list price. The lowest ratio was 95% ... the highest was 106%..
Short sales (9) had a 98% ratio average. Closings were between 92% to 102% of list price.
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 number of Days on Market and 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. Historically, 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 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!!
The Market Conditions Report has been submitted by:
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.
