Wednesday, July 19, 2017

Irvine Real Estate Mid-Year Report - How is the Market Really Doing?

It is hard to believe that we are halfway through 2017. The real estate market in Irvine has been very strong, with low inventory and high buyer demand driving pricing up. However, as we enter into the third quarter, are we seeing a shift in the Irvine Real Estate Market?

Below is a look at how the numbers worked so far this year and for the month of June.

Realtor Cindy Hanson Irvine mid-year report

Detached Home Sales:
  • The average price of a detached home year to date is up 8.5% for the year and currently is $1.277,730.
  • Currently there are 3.8 months of Inventory available to home buyers and that is down 12% from June 2016.
  • Average time it took to sell an Irvine home is 45 days.

CHGLH irvine attached home sales report

Attached Home Sales:
  • The average price of a detached home year to date is up 5.2% for the year and at $636,439
  • Currently there are 2.6 months of Inventory available to home buyers and that is down 12% from June 2016
  • Average time it takes to sell an Irvine home is 45 days.
As you can see inventory is the driving factor, with buyer demand very strong. Historically in July we see a shift in the market as summer distractions take hold, so homes priced above the market offer buyers a chance for negotiations. Homes currently Homes priced right, presented well and available are selling quickly.

 Available Irvine Homes 

It's also important to note, homes priced below the average price of $1.2 million are HOT, HOT, HOT!   If you are considering a move, don't hesitate to give our team a call. 


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