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
Inventory has slightly increased but sales are going Up-Up-Up! Multiple offers are common as Buyers compete for fewer available properties. This will force prices up and it is already happening!
The spring market is the most active segment of the Real Estate calendar. Compare the activity now with what it was last year as shown above! The ratio has more than doubled!
We have hit bottom and are on our way up! Slowly, but steadily! Buy now in North Orange County! You will be glad you did six months from now!
59% of all detached Pending listings were listed under $600,000 at time of sale. The market is very hot in the lower price ranges but sales are now moving up into the higher pricing levels. Active listings in the under/$500,000 range are less than half what they were in April!
Interest rates are 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!
Overall total "Days on Market before Sale" (DOM) is only 70 days in all price ranges and categories. This figure includes 14 listings that took over 200 days to "sell. Homes that have been on the market for a long time are finally selling.
57 homes (42%) sold in under 30 days. Some were a lot under! DOM was not published for 8 listings.
62 (43%) homes had reduced the price at least once before going into escrow. Three properties raised the price.
Buyers still have more to choose from these days compared to 2003-2005 ... and at least some time to think before they make an offer. You need to be very quick in the lowest price ranges, however.
Sellers of homes over $700,000 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.
108 (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.
Average Days on the Market before sale (DOM) is 120 days for Yorba Linda homes listed over $1,000,000. However, if you disregard 4 homes that took between 203 and 361 days to enter escrow .... average DOM was 56 days for the remaining 10 homes now in escrow. Only 3 properties, in this range, sold in under 30 days. DOM was not reported for 1 home.
The ratio of 15 Pendings to 108 Active listings over $1,000,000 is 14% ... a bit down from one month ago.
The more expensive listings ARE selling but the pace is slower than less costly homes. Ultra-Jumbo financing is still a bit difficult to obtain.
9 homes in this range were listed under $1,300,000 when they "sold". The most expensive pending property is listed at $1,499,000.
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 313 homes currently listed in Yorba Linda, 75 are attached properties. Overall price range for attached listings is $200,000 to $849,900.
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.
42 attached homes are currently in escrow for a nicely increased Pending to Active ratio of 46%. A very good ratio!
Average DOM for attached homes is 97 days. 16 properties (38%) "sold" in under 30 days. DOM was not reported on 4 attached homes.
Detached Yorba Linda homes range from $289,900 to $6,388,888! The least expensive is a 3bdrm/2bth detached condo, built in 1964, with 1223 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!
There are 8 detached Yorba Linda properties listed under $500,000. 22 residences are in the $500's. 42 homes are listed between $6-700,000. There are 28 homes listed in the $700's and 17 in the $800's. 13 listings are priced in the $900,000's. Quite a selection!
As of 6/6/09, there were 87 Pending detached Yorba Linda properties listed under $1,000,000. This represents an increased 67% ratio of Pending (87) to Active (130) listings in this category. Very good!
The best selling detached category is the under $500,000 range with an amazing 300% ratio of Pending (24) to Active (8) listings. These homes are selling faster than they come on!
This is followed by detached homes listed in the $500,000's with a 82% ratio of 22 Active and 18 Pending listings!!.
The $800,000's have gained a lot with a current excellent 77% ratio!! 17 Active listings and 13 in escrow!
The least expensive homes are being snapped up! Now, the more expensive ones are beginning to sell well too!
Average Days on Market at time of sale, as reported by the agents, is only 65 days for detached properties under $1,000,000. This DOM figure includes 8 homes that took between 203 and 325 days to "Sell"!
It is hard to be accurate regarding "Days on Market" before sale. Some agents don't promptly report Pending sales. The stated "DOM" only applies to the current listing ... the home might have been listed before.
62 Yorba Linda MLS listed homes closed escrow between 4/15/09 and 5/14/09.
Looking at all price ranges and categories, 19 homes (31%) sold at 100% to 105% of list price.
Standard sales of detached homes (32) priced under $1,000,000 averaged 96% of List at closing. A "standard sale" means that the home is owned by a human being with equity. Lowest ratio was 84%. Highest ratio was 101%.
2 "New Construction" homes, closing at $1,230,000 and $1,250,000, averaged 96% of list.
2 Relocation Company listings averaged 96% closed to list price.
For standard sales over $1,000,000 (3), the ratios were 90%, 95% and 96%.
Bank owned properties (11) averaged 98% closed to list price. The lowest ratio was 94%. The highest was 100%.
Short sales (12) had a 98% ratio average. All ratios ranged from 92% to 105% including one home closing at over $1,000,000.
The most expensive property in this timeframe closed at $2,600,000.
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 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. 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 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.
