Monday, October 22, 2012

Irvine Housing Blog

Irvine Housing Blog

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Inventory is Dwindling in Irvine

Posted: 22 Oct 2012 05:00 AM PDT

There are 314 properties listed in Irvine by the MLS now - that is 10.1% below last month’s inventory, and 57.5% below last year’s. The median listing price is $750,000 - that is 3.2% above last month’s median list price, and 36.8% above last year’s. The median sold price has also increased by 6% over last year. Going by the statistics, we have hit the bottom of the Irvine housing market sometimes between late 2011 and early 2012. If inventory continues to slow down like this, and The Irvine Company doesn’t build too many of the new houses, and the job market improves, we might begin the slow recovery process also.

Here is the inventory level zipcode-by-zipcode in Irvine, with median price/sf.


Median Price/SF





























The zip code with the most inventories is 92603 with 61 properties listed for sale. 92603 is also home of the Turtle Ridge and Turtle Rock communities. Month to month inventory is down by 11% and year to year inventory is down 45%.

The most expensive property listed is 50 Blue Heron at $17,750,000.
The estimated monthly expenses are around $70,574.

The least expensive property listed is 260 Dewdrop at $319,000.
The estimated monthly expenses are around $1,345.

The zip code with the least inventories is 92606 with 12 properties for sale. It is also home for Walnut, West Park and Columbus Grove villages. Inventory is up by 22%  on month to month basis, and down 44% on year to year basis.

The most expensive property listed is 12 Santa Eulalia at $1,099,000.
The estimated monthly expenses are around 4,443.

The least expensive property listed is 1007 Solvay Aisle at $298,000.
The estimated monthly expenses are around $1,265.

If those are the statistics of the least and most expensive homes of the villages with least and most inventory, what is most popular in Irvine? Here is one of the popular, in Columbus Grove.

30 Honey Locust  Irvine, CA 92606

Listing Price: $899,00
Price/SF: $314/SF
Bedrooms/Bathrooms: 4 Bedrooms/ 3 Bathrooms
Area: 2,862 SF
Lot Size: 4,892 SF
Builders Tract Name: Alexandria
Builders Tract Code: ALEX
Builders Model Code: 2
Last Sale: August 2006 at $1,000,000 

Monthly Expenses:
HOA Dues: $183 Monthly
Monthly Mortgage: $3,143 Monthly
Property tax (1.1501%): $10,340 Annually
Mello Roos: $6,245 Annually

Estimated total: $4,708 Monthly

What do you think?
Will the low inventories push the prices higher in Irvine?
Did you buy already, or are you planning to buy soon?
Comment below, or discuss at Talk Irvine.


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