Yorba Linda Real Estate Information - Fine Homes International
Orange County and Yorba Linda California Real Estate and Homes for Sale
Updated November 25, 2008
Yorba Linda Homes for Sale Real Estate sales in Yorba Linda have increased recently after a long season of slow home sales. Although more homes are selling, the downward pressure on home prices continue. Some of the recent increase in home sales in Yorba Linda is due to recent correction in the housing market that has made home prices affordable to home buyers who were previously priced out of the market. Recent changes with the government take over of Fannie Mae and Freddie Mac could effect home sales even more as interest rates could drop as much as 1%.
Yorba Linda Real Estate and Foreclosures While real estate news is dominated by more bad news of foreclosures, the Yorba Linda real estate market has been less effected by foreclosures. This is in sharp contrast to Inland Empire real estate which has been much harder hit by foreclosures than Yorba Linda.
Yorba Linda Chamber of Commerce The role of the Yorba Linda Chamber of Commerce is to foster an alliance between business owners, residents, and local government. Through a mutual exchange of services and information, the Chamber of Commerce strives to promote Yorba Linda as a desirable community in which to conduct business, live, shop and visit.
Yorba Linda California Real Estate Property in Yorba Linda and the adjoining Anaheim Hills Placentia real estate area is some of the most desirable in the country. So desirable that in recent years it has been extrmemly difficult to buy a home in Yorba Linda. Currently, the real estate market has shifted in the Buyers favor. There is a 24 month supply of inventory of homes for sale at current sales rates. However, the average days on the market for a properly priced home in Yorba Linda is 78 days. So the best buys still don't last long.
Over the past decade, real estate values have risen anywhere from 7% to 23% per year. Even entry level single family homes began at $600,000 and some massive estates as high as $4,000,000. With the recent slow down of the real estate market, prices have adjusted by aproximately 10% in most areas of Yorba Linda and Anaheim Hills.
Yorba Linda Realtor, Paula Pelton provides home shoppers a "Hot List" of best buys in the Yorba Linda and Anaheim Hills area. Paula Pelton says, "this is a great time to buy a home in Yorba Linda. Sellers are motivated, some will pay Buyers closing costs and other fees"
But don't expect to buy a home for a steal in Yorba Linda or Anaheim Hills. Although some homes are selling pre-foreclosure as a "short sale" we're still not seeing very many foreclosures or bank owned sales" says Paula Pelton.
Fine Homes International Yorba Linda In 2007, the US Census reported Yorba Linda as the highest per capita income city in the United States. That came as a suprise to this laid back and unpretentious city. "Yorba Linda has attracted high income people from throughout Orange County coastal communities who are attracted to the larger lots, open spaces, and supurb schools" says Pelton.
This report will give you information about the Yorba Linda housing market to keep you up to date on changes as they develop.You´ll also see what Yorba Linda has to offer, so this site provides information about this beautiful city and it features residents enjoy so much.
Yorba Linda is a peaceful, quiet, and enjoyable city of approximately 65,000 people.The community is in the North East part of Orange County California.The name Yorba Linda comes from the city´s founding family, the Yorba family.So the name means "Beautiful Yorba". Yorba Linda was recently identified by the U.S. Census as the highest Per Capita income city of the entire nation.
On 10/01/08, there were 427 active Yorba Linda listings. As of 1/25/08, there are 392 total active properties including single family residence and condos listed for sale. The inventory decline continues.
The number of listings is expected to increase as the new year gets underway and people list homes for sale.
On 11/27/07, the Pendings number stood at 46. As of today, there are 43 properties in escrow.
Of course the real estate market changes from month to month, sometimes as frequently as from week to week.Some months there is an increase in buyer activity and other months inventory my increase as buying activity decreases.
Although sales seem to be slower these days as the market has trended downward, surprisingly, days on the market for homes that sell has continued steady at about 60-70 days.
A very high percentage of the homes on the market never sell.Otherwise, the current inventory would be a 10.5 month supply of homes!
With hundreds of homes on the market in Yorba Linda, Buyers have a lot of homes to choose from.This means a home Seller must be competitive on price and the condition of the home to sell. When supply exceeds demand, we call it a "Buyers Market" since Buyers have more leverage in negotiating.
The ratio of 11 Pendings to 122 Actives is an unchanged 9%. The more expensive listings that sell are selling fairly quickly ... but not many are in escrow! 3 homes (27%) in this range "sold" in under 30 days.
3 in this range were listed under $1,300,000 when they "sold". The most expensive pending property is listed at $2,280,000.
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.
Prices have definitely dropped in all categories. But, the bottom has not fallen out .... and probably won't.
Of the 382 homes currently listed in Yorba Linda, 70 are attached properties. Overall price range for attached listings is $225,000 to $899,000.
Average time on market for attached homes is 116 days. This figure includes one unit that took 226 days to go pending.
The majority of attached homes are priced between $300-500,000 with most of these over $400,000. The properties vary greatly in size, views and amenities. Yorba Linda Real Estate offers several very nice and even upscale attached home developments
Detached homes range from $390,000 to $4,500,000! The least expensive is a 2bdrm/1bth patio home with 842 sqft and a 2 car garage. The most expensive detached home is an elegant 5 bdrm/6 bth mansion, with 6,700 sqft, built in 2004, on a huge lot with a panoramic view.
There are 16 detached Yorba Linda properties listed under $500,000. 35 residences are in the $500's. 37 homes are listed between $6-700,000. There are 44 homes listed in the $700's and 33 in the $800's. 25 listings are priced in the $900,000's.
The best selling detached category is the $800,000's with an 21% Pending to Active ratio. This is followed by homes listed under $500,000 with a 19% ratio. No other price ranges have ratios worthy of mention.
Average Days on Market at time of sale, as reported by the agents, is approximately 79 days for detached homes under $1,000,000.
27 (63%) of the total 43 pending properties had been reduced in price, at least once, by time of sale. One list price had been raised.
31 Yorba Linda Homes closed escrow between 12/15/07 and 1/14/08. About the same number as my November report.
Looking at all price ranges and categories, average ratio of sales price to list price, on resale homes, was 95%. 5 homes sold at 100% or more of list price.
Under $1,000,000, the closing ratio was also 95% of list for both condos and detached homes. The lowest ratio was 85%. All other ratios were 91% or more.
For resale homes over $1,000,000, the average ratio of sales to list price was 99% for two properties. New construction homes, listed on the MLS, averaged 86%.
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.
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. Vista Del Verde community is one good example.
Yorba Linda has 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, Vista Del Verde is ongoing.
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. Newer tract construction since the 90's has tended to concentrate on very large, elegant homes on smaller, but ample, lots. In general, Yorba Linda homes 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-YorbaLindaUnifiedSchool District is very highly regarded and considered one of the finest in OrangeCounty. 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 beautiful community in the rolling hills of North Orange County. With easy access to all that Orange County has to offer, it's a great place to live.
You will love Yorba Linda! Once you discover the benefits of the location, the amenities of the community, and the quality of the people who live here, you'll be hooked on Yorba Linda.
