The Irvine Market Report: Detached Home Stats, May 2008


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Last week we took our monthly look at housing numbers for the Costa Mesa market. This week we’ll look at the Irvine housing market numbers.

The Irvine indicator numbers for May, which are provided by Altos Research, show that the number of Irvine homes on the market went up, and the time that it took to sell these homes went down. All other indicators seem to be holding steady with last month’s numbers. These May Altos numbers for detached homes confirm what the May numbers for detached+attached homes are telling us about the Irvine housing market: In short, the Irvine housing market is in a holding pattern.

Since the numbers aren’t declining, some say that this is a sign that the market is about to turn to the positive side for homeowners. Others say another round of foreclosures is about to hit and prices will continue to declline. I say, best to watch the Irvine indicator numbers for the next month or two before deciding which turn the Irvine market is about to take.

Here are the 2008 detached home statistics for Irvine:

  • Median Sales Price:
    On May 18, 2008: $901,771
    On April 20, 2008: $904,096
    On March 16, 2008: $922,371
    On February 17, 2008: $943,718
    On January 13, 2008: $961,225

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  • Price Per Square Foot:
    On May 18, 2008: $411
    On April 20, 2008: $413
    On March 16, 2008: $416
    On February 17, 2008: $421
    On January 13, 2008: $426

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  • Market Action Index:
    On May 18, 2008:16.62
    On April 20: 16.57
    On March 16, 2008: 16.62
    On February 17, 2008: 15.86
    On January 13, 2008: 16.11

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Note: The Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market.

  • Average Days on Market:
    On May 18, 2008: 82
    On April 20, 2008: 96
    On March 16, 2008:106
    On February 17, 2008: 103
    On January 13, 2008: 94

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  • Number of Homes on the Market (Inventory):
    On May 18, 2008: 441
    On April 20, 2008: 427
    On March 16, 2008: 413
    On February 17, 2008: 416
    On January 13, 2008: 442

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For more information on May housing activity in Irvine, see yesterday post “Reality Check: Irvine Condos and Detached Home Stats,
May 2008.