Santa Ana, CA Real Estate Update

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Like much of the Golden State, home sales in the Greater Santa Ana area have been heating up in recent months! That is certainly good news for anxious sellers, and prospective buyers needn’t worry! There are currently over 400 new and existing homes on the market. Investors and bargain hunters will also be happy to learn that according to Trulia, there are around 1,170 properties in some state of distress sale, from bank auctions to foreclosures and short sales.

Blooming red flower outside of home.

The real estate market is heating up in Santa Ana.

This very desirable Los Angeles suburb is home to over 325,000 residents. One of Orange County’s most thriving and diverse cities, it is just a convenient 10-mile drive from the celebrated California coast. Founded in 1869 it shares its name with the mega Santa Ana Freeway, Santa Ana River, mountains, and those fabled winds. A well-rounded collection of firms have established headquarters here and contribute significantly to the area’s thriving economy. Just a few that call Santa Ana home are the Behr Paint Company, CoreLogic, and the iconic Rickenbacker guitar company. The two largest employers are Orange County and the electronics firm, Ingram Micro.

Sprawling across 27.518 square miles, there are a variety of both upscale and affordable, family-friendly homes to choose from. Professionals, young families and retirees are drawn to Santa Ana because of the wealth of opportunities in business, recreation, the arts, and education. Its motto reads, “Downtown Orange County”, which is a reference to Santa Ana’s historic downtown. Dotted with many fine examples of turn of the century architecture, it spans from Main Street to the South Coast metro area.

Anyone considering a home purchase in the near future should begin their search in earnest. Trulia’s last report revealed that the average price per square foot for single-family homes was up 18.5% from this time last year. The current price per square foot is $294. Santa Ana’s median home price was also up by 12.6% in the y-o-y analysis. From October 12th through December 12th, the median home sales price came in at $318,750. This figure was based on 564 home sales and reflects an increase of $35,696 from the same period of 2012.

Considering Movoto’s look at Santa Ana’s DOM, it is also easy to see that sales are brisk. Last January 1st the median DOM was 84. For the first day of 2013, it stood at just 49! Sellers are no doubt paying attention to intensified demand, especially considering that as reported on the Movoto site, in the past few weeks there have been 38 price increases. And why not? Scores of Santa Ana neighborhoods are mere minutes from world-class surf spots and the SoCal charms of unforgettable places such as Huntington and Newport Beach!

For the week that ended January 16th, the average listing price for Santa Ana homes was $333,272. That price reflects a w-o-w increase of 0.6% or $1,946. Trulia’s team in the field noted that a few top choices among neighborhoods were Riverview West and Floral Park, with average listing prices of $223,773 and $750,112.

Here’s a look at three more neighborhoods that experienced considerable increases to the average listing prices just from one week to the next:

Riverview West had an average listing price of $223,773, up by 8.56%

Eldridge Park’s average listing price was $489,00, a 20.1% increase

Eastside’s average was $352,00 for a single-family home which reflects a 13.4% uptick.

Here’s a look at a few interesting listings from Trulia’s Santa Ana site:

In West Floral Park- http://www.trulia.com/property/3099563328-2008-N-Westwood-Ave-Santa-Ana-CA-92706

Bright & cheery home in Morning Sunwood- http://www.trulia.com/property/1026640361-2901-S-Center-St-Santa-Ana-CA-92704

Here’s an exceptional, Cali bungalow with pool! http://www.trulia.com/property/3106294776-2445-Bonnie-Brae-Santa-Ana-CA-92706

More California Mortgage Info:

More Lenders Now Participating in CA Mortgage Assistance Program
California Legislation Gives Leverage to Homeowners Facing Foreclosure
CA Governor Signs Bill to Fight Neighborhood Blight

Anna Platz is an Editor at ForTheBestRate.com, a leading mortgage rate research website, as well as the Lead Contributor to GoodCentsSavings.com, a blog about budgeting and personal finance. Anna is immersed in the world of real estate, mortgage, and home financing and is here to provide valuable resources for homeowners and soon-to-be-homeowners on buying and selling real estate, researching a mortgage broker or lender, and securing a home loan. Check back often for news, updates, and remember that you can find today's current mortgage rates at ForTheBestRate.com. My Google Profile+

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