Brea included in OC’s hottest real estate markets

From the OC Register….by Jonathan Lansner and Jeff Collins.

By one measure, 13 Orange County neighborhoods have less than a month’s supply of homes to buy — with Rancho Santa Margarita having the thinnest inventory.

That is one conclusion you can draw from the neighborhood slice of the latest O.C. home inventory report from Steve Thomas and his ReportsOnHousing.com. His math showsas of August 16 …

  • The Orange County town with the fastest-selling homes in terms of Thomas’ “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Rancho Santa Margarita at 0.45 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 2.4 months.
  • Next fastest was Portola Hills at 0.55 months and Stanton at 0.5 months.
  • The 5 “fastest” markets combined have a market time of 0.6 months and comprised 5% of the supply of homes for sale and 12% of homes in escrow.
  • “Slowest” market to sell a home in, based on the same math, is Corona Del Mar with market time at 6.11 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 9.6 months.
  • Next slowest was Newport Coast at 4.52 months and then Laguna Beach at 4.4 months.
  • The 5 “slowest to sell” markets have a combined market time of 4.0 months and were 20% of the supply of homes for sale and 7% of homes in escrow.
  • All told, countywide market time was 1.44 months last week vs. 3.46 a year ago.
  • Chart looks at the 13 sub-month-supply markets and 5 coldest markets in O.C. as of Thomas’s latest report (supply for sale; new deals made; market time in months vs. a year ago and average listing price; NA is not available)…
Hottest Supply Deals Mon. Yr. ago Price
Rancho Santa Margarita 41 91 0.45 2.37 $486k
Portola Hills 6 11 0.55 3.14 $517k
Stanton 18 33 0.55 NA $394k
Mission Viejo 121 189 0.64 3.06 $673k
Aliso Viejo 68 99 0.69 2.52 $611k
Ladera Ranch 52 70 0.74 2.38 $1.1m
Garden Grove 121 147 0.82 2.66 $419k
Lake Forest 61 74 0.82 2.70 $570k
Anaheim 201 228 0.88 2.52 $416k
Foothill Ranch 17 19 0.89 3.23 $577k
Fountain Valley 50 54 0.93 3.09 $605k
Brea 47 48 0.98 3.18 $571k
Buena Park 58 59 0.98 2.39 $493k
County Supply Deals Mon. Yr. ago Price
All of O.C. 5,103 3,544 1.44 3.46 $1.3m
Coolest Supply Deals Mon. Yr. ago Price
Corona Del Mar 116 19 6.11 9.56 $2.7m
Newport Coast 104 23 4.52 8.05 $4.9m
Laguna Beach 218 50 4.36 9.25 $4.6m
Newport Beach 372 97 3.84 9.63 $2.7m
Seal Beach 227 73 3.11 5.18 $401k

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