The Irvine Market Report: Detached Home Stats, July 2008


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Note: 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 Costa Mesa numbers, which describe a market in which prices continue to decline, tell a different story than what the Irvine numbers tell us about the condition of the housing market in Orange County. To complicate matters further, Irvine detached-only stats and Irvine’s detached+condo stats are also telling us different stories.

This month’s detached-home-only stats for Irvine are telling a different story than the Irvine condo+detached home stats are telling us. The condo+detached stats described a market that is in a holding pattern. However, the detached-only stats describe a market that, although still very much a buyers’ market, is moving in a direction that is more encouraging for sellers. The only number that didn’t move in a direction that is more favorable to the seller was the number of days that Irvine homes stayed on the market.

So, this month’s numbers brings up the question: Is the long waited housing turnaround about to make its arrival in Irvine? Maybe. Or maybe homes over $500,000 are selling in more volume than in the recent past, and this is increasing the median sales price. I think that the jury is still out on this one.

In any case, it is clear that, although the Irvine housing market has suffered and continues to suffer the pain of the housing downturn, the pain is less so than for many other Orange County cities. Watching what happens in the Irvine housing market in the coming months is going to be interesting. And, of course, I’ll be checking in again next month with the updated numbers.


Here are the 2008 detached home statistics for Irvine as provide by
Altos Research:

  • Median Sales Price:
    On July 20, 2008: $939,431
    On June 15, 2008: $920,910
    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 July 20, 2008: $469
    On June 15, 2008: $408
    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 July 20, 2008: 17.00
    On June 15, 2008: 16.54
    On May 18, 2008: 16.62
    On April 20, 2008: 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 July 20, 2009: 109
    On June 15, 2008: 77
    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 July 20, 2008: 401
    On June 15, 2008: 448
    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’s
post “Reality Check: Irvine Condo and Detached Home Stats, July 2008.