Las Flores Market Update – Slow Sales

Las Flores is not unlike many communities these days in Orange County.  We are plagued by low demand and a good deal of short sale inventory.  Short sales are when the encumbrances/loans against the property are higher than today’s market value plus costs of sale.

Currently we have 19 Active Listings in Las Flores.  Of that inventory, we have no bank owned homes presently and 8 homes, or 42% of the inventory, are short sales.    Consumers that have actively been looking understand the challenges today with short sales and unless they are very attractively priced, they generally shy away from them.  Consequently the short sales are forced to price themselves very aggressively which has the unfortunate side effect of a downward pull on pricing in the neighborhood.  The average Days on Market is 105 days for the active market.

Currently there are 6 homes in escrow – 2 bank owned homes and 4 traditional, equity sellers. The average days on market for the homes in escrow is 41 – which helps to illustrate the buyer demand today.  They are focusing heavily on properties that they can close.

There were only 2 homes that closed escrow in the last 30 days in Las Flores.  One was a bank owned home.  The demand for this distress inventory in the under $500,000 range remains high all over Orange County.  The bank owned home sold for 101.54% of original list price.

The other closed sale was a short sale that listed at the end of August last year.  The sale price was 84.9% of the original list price.

As always, if you have questions about your individual situation, current values, or neighborhood trends, I am always here to help.  If you are considering buying a home in Las Flores, please visit the Search For Homes page for all the Las Flores homes currently available and let me know if you have questions.