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| Is Irvine Housing a Buyers’ or Sellers’ Market? Posted: 18 Apr 2012 05:00 AM PDT The following post gives more information to help answer the question that Cubiz Zirconia asked in Monday's post: Is it time for Irvine home prices to rebound? Trulia came out with a report recently that said buying a home was a better deal than renting in many U.S. locations, including the OC. Does this mean that Irvine has transitioned from a buyers’ to a sellers’ market? When I was writing about the Irvine real estate market for Redfin, I would periodically check Altos Research statistics for single-family homes in Irvine. One of these stats was the Altos Market Action Index. Altos defines the Market Action Index as the balance between potential buyers and sellers; in other words, the balance between supply and demand. Above 30 is defined as a sellers’ market, and below 30 is defined as a buyers’ market. Following is a random sample of past Irvine Market Action Indexes for single-family homes:
According to these numbers, the Irvine single-family market was definitely a buyers’ market. So what about today? Has the single-family market in Irvine transitioned from a buyers’ to sellers’ market? Irvine’s current Altos Market Index is 20.54. According to this number, Irvine’s single-family housing is still a buyers’ market. (Of course, this could be true or untrue for different neighborhoods in Irvine.) How long will this last? Any opinions? To see more statistics from Altos on Irvine’s single-family housing market, to go the Altos Research page for Irvine. I found it interesting that the 90-day trend shows that the number of homes on the market in Irvine has declined quite a bit. Note: I’ll write about Irvine’s condo market at another time. Discuss below or at Talk Irvine.
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