Coto de Caza Real Estate - August 2010 Market Update
Posted by Leslie Eskildsen on Tuesday, September 7th, 2010 at 5:10pm.Coto de Caza Homes For Sale Remain Consistent
The month of August brought more of the same for home sales in Coto de Caza. There are still the three markets - homes priced under $1 Million, homes priced for sale between $1 Million and $2 Million, and homes offered for sale for more than $2 Million. And the number of homes for sale remains consistent - pretty much evenly spread across each of the three price ranges.
Here's the breakdown for August:
>| Price Range | Active Listings | Total in Escrow | New Escrows in July | Closed in July | Closed DOM |
| Under $1 Million | 44 32% Distressed | 33 82% Distressed | 14 71% Distressed | 19 40% Distressed | 76 |
| $1 - $2 Million | 46 16% Distressed | 16 44% Distressed | 8 13% Distressed | 4 50% Distressed | 166 |
| Over $2 Million | 38 8% Distressed | 6 17% Distressed | 6 17% Distressed | 1 0% Distressed | 135 |
Compared with July Market Stats:
| Price Range | Active Listings | Total in Escrow | New Escrows in July | Closed in July | Closed DOM |
| Under $1 Million | 40 30% Distressed | 35 77% Distressed | 20 65% Distressed | 9 56% Distressed | 158 |
| $1 - $2 Million | 41 7% Distressed | 15 60% Distressed | 9 65% Distressed | 7 43% Distressed | 99 |
| Over $2 Million | 39 8% Distressed | 1 0% Distressed | 0 0% Distressed | 2 0% Distressed | 219 |
Good News for Coto de Caza Home Sellers
The best news about the August results is the six new open escrows for Coto homes priced over $2 Million - compared to zero new open escrow in July. In the slowest moving segement of the Coto housing market, this is great news. Other good news is the dramatic decrease in the days on the market for the homes that closed in August - down to 76 days from 158 days the month before. I believe this is directly related to the decrease in the number of distressed properties included in those closing in August versus July.
More on How Distressed Homes are Impacting the Coto de Caza Real Estate Market
The down side is that there were significantly fewer new opened escrows in the under $1Million category - 14 in August compated with 20 in July. Distressed new open escrows in August saw a rise from 60% in July to 71% in August. In stark contract, only 13% of the new open escrows in July in the $1 - $2 Million price range are distressed homes. Once again, my definition of distressed is either a Short Sale or an REO (bank owned home.) As we see more distressed homes in the higher price ranges, we can expect to see the days on the market stay very high, and perhaps even take longer to sell and close. But the fulcutation in these numbers is also due to the low number of sales - it becomes for of an individualized "story" with each home rather than a reliable statistic.
We''ll see what the Fall season brings for Coto de Caza home buyers and sellers. With historically low interest rates on home mortgages, kids back in school, and the holidays approaching, let's all hope for a healthy boost in home sales activity in Coto in the next few months.
Call me if you have any questions or you're ready to buy or sell in Coto de Caza! Leslie 949-678-3373
Print
Share2 Responses to "Coto de Caza Real Estate - August 2010 Market Update"
[...][...]
Posted on Wednesday, September 15th, 2010 at 4:58 PM.
Leave a Comment
[...]REO listings in the $1 to $2 Million price range. If you've been following my monthly Coto Market Updates, you know about the three markets in Coto these days - under $1 Million, $1 - $2 Million, and[...]
Posted on Sunday, September 12th, 2010 at 5:18 PM.