Prices Up, Volume Down In Yorba Linda, Say Realtors
by Blanche Evans
Yorba Linda, California is experiencing a typical seasonal adjustment, say Realtors, but don't get too relaxed about buying. Prices are up even while sales volume is down, say local Realtors. "Yorba Linda is a great city spread out over 20 square miles, with a population of 62,678 people," says Realtor Namneet Dhaliwal. "Yorba Linda has award-winning schools combined with open spaces and plenty of recreational facilities making it an excellent city to live in. If you are looking for a large yard and a beautiful home, in a desirable neighborhood, you will find all that and more in the city of Yorba Linda." About the market, Dhaliwal advises, "Average sales price for 68 sold homes was $746,105 and average days on the market were 58, according to local MLS for month of Oct. 2004. There were 87 new listings with an average listing price of $923,818 and 34 properties were under contract for same period of time. Houses below or around $700K are still selling in reasonable time. But properties above $900K mark has seen some decrease in price and staying a little longer in the market. As we are approaching the holiday season, inventory is shrinking. After election uncertainty is over and mortgage rates being low, there are more buyers out there. This all creates the beginning of similar situation as we had last year, where we saw more than on offer on the properties and buyers had to meet sellers' conditions to be a successful bidder. This all creates a stronger seller's market, although the prices have been stable for month of November. New listings are selling faster than they did before election, there is less negotiation room as compared to summer time." Explains Realtor Sharon M. Koziel, "It was not until the 1960's that Yorba Linda began experiencing the tremendous population growth which the rest of Orange County had been experiencing for the previous two decades. Yorba Linda, once a small agricultural community of approximately 4,000 people, began its transformation into a modern community with incorporation occurring in 1967. Today, Yorba Linda is a beautiful town with many great shopping centers and wonderful parks. Home prices continue to climb and homes sell quickly. It is the home of the Nixon Presidential Library, Museum and Birthplace. Yorba Linda borders Riverside and Los Angeles counties with San Bernardino and San Gabriel mountains just an hours drive. A short drive of 10 miles and you're at Disneyland. Market condition is good with a more balanced market condition which makes buying or selling a home more enjoyable." "We are seeing the seasonal shift for the holidays," suggests Realtor Robyn Filippo. "Homes that have been on the market 90 days or longer are having to adjust their prices,condition and offer full commission to bring buyers in. Prices are leveling off. Sales have cooled to a relaxed pace. Prices in the 92886 zip code are up 34.6 percent from a year ago, and sales volume is down 24.3 percent. Prices in the 92887 zip code are up 25.7 percent from a year ago and sales volume is down 17.9 percent from a year ago." |
