Wednesday, July 25, 2012

Irvine Housing Blog

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Irvine House vs. Condo Numbers: July 2012

Posted: 25 Jul 2012 05:00 AM PDT

According to Altos Research, Irvine’s single-family homes have a Market Action Index of 21.70, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.)  Altos also states that the average single-family home has been on the market for about 128 days as of July 20, 2012.

Median Price of Single-family Homes in Irvine
Altos Research

According to Redfin, 251 houses were on the Irvine market in June, and 202 condos were on the market. Following is more data from Redfin on Irvine’s June 2012 housing market:

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
12-Jun $890K/251 $735K/103 $384 $356 5%
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
12-Jun $720K/456 $515K/257 $363 $327 0.9%*

*The May price per square foot was down 4.6%.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.


I find it interesting that the number of houses on the market exceed the number of condos on the market—something that was not true in the not so distant past. Also, in spite of some anecdotes of homes in Irvine going for over list price, these charts and graphs show that the median selling price of homes in Irvine is still below the median asking (listed) price.

If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers - July 2012 Update.” 


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