|3 Lonestar, Irvine|
Happy New Year Irvine, can you believe 2016 is in the rear view mirror? It was a very productive year for the Irvine real estate market and 2017 looks to be just as promising.
But before we move forward in the New Year, let's take a look at the overall Irvine, California real estate market in 2016. Below is a snapshot of the market, from the Orange County Association of Realtors, broken into two segments, Detached Single family residence and Attached homes, i.e. Condo's and Townhomes.
Irvine Detached Homes:
|Irvine Detached Home Sales 2016|
Summary of Detached Homes:
- 2016 Sales Volume for December was up 19%; overall for the year the number of closed transactions from 2015 was up 4.5%
- Median Price of a Single Family Home in Irvine in December was just over $1m, for the entire year it was $965k. Overall Irvine home values were up just over 7%
- Inventory continued to be low throughout 2016 with the year ending with less then 2.5 months of available homes.
Irvine Attached Homes:
|Irvine Attached Home Sales 2016|
Summary of Attached Homes:
- 2016 Sales Volume for December was down nearly 17%. Though overall for the year the number of closed transactions from 2015 was up approximately 10%
- Median Price of a Condo/Townhomes in Irvine for December was $629k. For the entire year the median price was just under $590k, which equaled a 7% increase in home values.
- Inventory continued to be low throughout 2016 with the year ending with less then 1.5 months of Inventory
Lack of available homes and strong demand continues to drive the Irvine real estate market. As you will note, the inventory of Condo's/Townhomes was down 30% in December. Homeowner's in this bracket who are considering a move this spring would benefit from listing now before spring inventory increases. Opportunity is knocking!!
If you are thinking of an upcoming move, don't hesitate to contact our team at Cindy Hanson Global Luxury Homes for a review of the current market in your neighborhood.
Happy New Year Irvine!