Is now a good time to buy or sell a home in Santa Ana?

Each month Redfin, a real estate brokerage (with agents in Santa Ana), pulls neighborhood data on how frequently homes are selling, and at what price. If you are thinking about buying or selling a home in Santa Ana, the data gives you a glimpse at how easy or difficult it will be based on recent market trends. Read on for more information on the state of the Santa Ana real estate market in June.

INVENTORY: Fewer homes were placed on the market, and fewer homes sold

Like other cities around the nation, the real estate market in Santa Ana is starting to slow down from May. There were 136 homes sold in the month of June, which is down 12.8% from May 2013, and down 27.7% from June 2012. There were 203 homes for sale in Santa Ana, which is down 8.1% from May 2013 and down 46.6% from June 2012. That means there are fewer homes to choose from for people looking to buy, creating a seller’s market.

PRICE: The price of homes is down from last month, but up from 2012

As far as the cost of homes, there was a small change month-over-month, but a big change year-over-year. The median price of sold homes was $340,000, which is down 2.2% from May 2013, but is 28.3% higher than in June 2012! So overall, prices are on the rise year-over-year. The sale-to-list ratio, which calculates the price sellers were asking for vs. the price buyers paid, is 100.6%. That means that on average homes sold for a little more than they were listed for. The average number of offers on homes in Santa Ana was 1.7, so there were bidding wars on many of the homes.

BIDDING WARS: Cash is king in Santa Ana

For each neighborhood that Redfin covers, Redfin real estate agents post information on what it took to get their client’s offer accepted, or why the offer was rejected. These posts give you insight into what it takes to win when there are multiple offers on a home. In Santa Ana the number of homes for sale is low compared to the demand, which means sellers can be picky as to which offer they accept. Based on recent offer insights, it appears as though cash is king, and sometimes buyers need to accept a home “as-is” to win the bid. Here are a few examples:

• “Presented a below-asking-price offer on a Duplex in Santa Ana. Our offer was a cash offer and purchase AS-IS. There were multiple cash offers on the home and seller chose our offer.” – Maryam Amiri – Redfin Agent

• “Presented an over asking price offer on a Santa Ana town home. Buyers were countered on price, to remove all contingencies, and to accept the home as-is. Buyers countered back on the removal of contingencies and requested loan contingency to remain. Sellers rejected the offer.” – Christopher Bistolas – Redfin Agent

• “Per the listing agent, there were three offers for this South Coast Metro area home. Redfin client offered below list and there were no offers. They waited to respond, received more offers, higher, but Redfin client was a stronger buyer. Seller countered full price. All contingencies are in place.” – April Armendariz – Redfin Agent

• “This South Coast Metro Home was already in escrow. The listing agent placed it back to active to get the current buyer to perform. The appraisal came in well below the contract price. This helped force the current buyer to make a decision and make up the difference for their loan program (loan to value ratio). They had to bring in more cash to complete the sale to help ensure the sales price of 630k. We made an offer under this and the current buyer decided to perform. They closed a couple days later.” – Keith Thomas Jr. – Redfin Agent

How Santa Ana Compares

Santa Ana is an affordable option for those who are looking for homes in Orange County. Check out the chart below to see how the prices of homes in Santa Ana compare to nearby cities:

Homes for sale in the area

The following listings are examples of homes for sale in the area, at varying price ranges. To check out additional homes for sale in Santa Ana, visit Redfin.com.

Most Expensive Home in Santa Ana

2210 North VICTORIA Dr
$1,475,000
3bd 4 ba
Listed by: Seven Gables Real Estate

Least Expensive Home in Santa Ana

2524 North TUSTIN Ave #113
$49,900
3 bd 3.5 ba
Listed by: Urban Realtists

Most Popular Home in Santa Ana (based on views at Redfin.com)

1410 West MOORE Ave
$509,000
4 bd 2.25 ba
Listed by: Ricci Realty

Featured Listing

1502 MARTINGALE Pl
$879,000
4bd 3ba
Listed by: April Armendariz, Redfin

If you’re thinking about buying or selling a home soon and have any questions on this information, I’m happy to help. You can read my recent reviews from clients and view my contact information on Redfin.com.

– Rob Brandon, Redfin Agent for North Coastal Orange County