Focus On Mission Hills

It's time to update the activity on Mission Hills homes. Or the lack of activity, maybe. I took a look at this area a few months ago, so go check out that post for some background on the neighborhood.

As of this writing, we have a whopping two active and one contingent property on the market in Mission Hills. All three are distressed sales, with one of the actives being an REO and the other two short sales. We have two pending sales in the neighborhood, one an REO and the other a traditional seller. Our inventory has been thin overall, of course, but it's surreal to see almost nothing on the market up there.

I guess it's kind of surprising, then, to see that we had 7 sold units up there in the second quarter. Of these, 3 were REO's, 2 were short sales, and 2 were traditional sellers. Remember a few weeks ago when I updated REO activity and noted that we had a lot of sales at or above the list price? Quick update to that - 58% of the second quarter sales were at or above list price. But in Mission Hills, all 7 sales were at or above list. All of them. The median days on market up there was 35, but that's kind of skewed by the two short sales. There's a long and wonky explanation for why that is, but if you take those out of the mix, we had a median DOM on Mission Hills sold units of 7. Wow. Only one sold for cash, and the rest were government loans, so we're not seeing a lot of investors picking up homes there recently.

Going forward, I don't see big changes coming anytime soon. I'm only tracking 6 active Notice of Trustee Sales up there at the moment, and what looks like 4 unlisted REO properties. My guess is that people who want to live in the Cabrillo High district and can't afford the Village are jumping all over these homes when they hit the market. Could be a very good thing for home values up there in the short to medium term.