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| 3 Lonestar, Irvine, Ca |
The first month of 2017 is well behind us and spring is getting ready to be sprung on the Orange County Real Estate market. Overall the market is very tight on inventory and new real estate listings are needed for the the high buyer demand we are currently seeing.
When our customer base of worldwide buyers ask about Orange County real estate they often ask about two of our sought-after communities: Irvine and Newport Beach. We thought it would be an interesting look this month; to compare the overall real estate market of these two communities. Below is a how the numbers looked from the Orange County Association of Realtors.
Irvine, California January 2017 market snapshot:
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| Irvine, Ca Jan 2017 Homes Sales |
Irvine, Ca Real Estate Highlights:
- Median Price of a Irvine Single Family Detached home in Jan was just over $1m and up over 24% from Jan 2016.
- Inventory of available detached homes is in the positive territory. However, currently there is less then 3 months of inventory available to home buyers.
- Median Price of an Attached Irvine home (Condo/Townhome) is $609k and up about 9% from Jan 2016.
- Inventory of available attached homes for both new listings and current inventory is down dramatically from 2016 with just over 1.5 months of homes available for home buyers.
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Irvine, California January 2017 market snapshot:
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| Newport Beach, Ca Jan 2017 Homes Sales |
Newport Beach Ca Real Estate Highlights:
- Median Price of Single Family Detached home in Jan for Newport Beach was just over $1.9m and down 12% from Jan 2016.
- Inventory of available detached homes is in the positive territory, with just about 5 months of inventory available.
- Median Price of an Attached Newport Beach home (Condo/Townhome) is $873k and up about 16% from Jan 2016.
- Inventory of available attached homes for both new listings and current inventory is down from 2016 with 3.5 months of homes available for home buyers.
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When you are looking at real estate numbers, one factor that is hard to determine is the buyers motivation factor. If you take the case of Newport Beach, we know this is a high-end market. Inventory is typically on the market longer. But when you add the rule of supply and demand in and history tells us, a buyers market is over 6 months of homes on the market. I would say for Newport Beach detached properties... Now is a great time to buy!!!
The median price in all over OC is approximately $750,000 so for those homes that are priced below this, the market is HOT, HOT, HOT. That is no exception in Irvine or Newport. Opportunity is knocking for Home Sellers for any home priced under the median as buyer demand is very strong.
What's the Value of Your Home?
Let's not forget this is a recap for the 1st month of 2017.. The market will certainly ebb and flow throughout the rest of the year!! All real estate is local, this provides a broad review of the market but your neighborhood maybe higher or lower... Don't hesitate to contact the Cindy Hanson Global Luxury Home Group to help stratagize on your next real estate move.
