The Irvine Market Report: Detached Home Stats, September 2008



Note: The following numbers are from Redfin’s Irvine “Overview of Homes for Sale” page. This page includes the Irvine inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the above mentioned overview page link.

Following are the 2008 detached home statistics for Irvine.
For months the Irvine housing numbers, with some slight variations, have been telling the same story. In short, the Irvine housing market was in a holding pattern. As shown in yesterday’s post, Irvine condo housing numbers are still telling the same holding-pattern story. However, the numbers for detached homes in Irvine are telling a different story. As shown by the Median-Sold-Price and Median-List-Sales-Price/Square-Foot numbers provided below, the detached numbers tell of a housing market with price reductions. If these numbers hold in the coming month, this month’s housing numbers in Irvine might turn out to be a bellwether for things to come.

  • Median List Sales Price:
    On September 17, 2008: $895K
    On August 29, 2008: $889K
    On July 20, 2008: $939,431 (Source: Altos Research)
  • Median Sold Price*:
    On September 17, 2008: $683K
    On August 29, 2008: $705K
  • Median List Sales Price/Square Foot:
    On September 17, 2008: $385
    On August 29, 2008: $388
  • Median Sold Price/Square Foot*:
    On September 17, 2008: $338
    On August 29, 2008: $351
  • Median Days on Market*:
    On September 17, 2008: 84
    On August 29, 2008: 85
  • Number of Homes on the Market (Inventory)*:
    On September 17, 2008: 423 (11 are bank-owned; 17 are for sale by owner)
    On August 29, 2008: 436
  • % Homes with Price Reductions/Median # Reductions/Median Total % Reduction*:
    On September 17, 2008: 46.3%/2/5.8%
    On August 29, 2008: 46.2%/2/6.2%
  • Market Action Index (Source: Altos Research):
    On September 14, 2008: 17.33
    On August 24, 2008: 17.28
    On July 20, 2008: 17.00
    Note: The Altos 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. Also note that Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot is for the list price not the sold price.

*Based on homes sold or taken off market in the last 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.

Also, according to DQ News, in August 2008, the combined number of condo and detached Irvine homes that sold was 197. And, according to DQNews, the August median sales price in Irvine was $591,000, down 16.64% from the August 2007 price of $709,000.

And, finally, Refin’s median numbers for all Irvine homes sold in last 90 days are $570K and $376  per square foot. The number of Irvine homes (condo and detached) currently on the market is currently 908.

For a review of the January 2008 to July 2008 Irvine housing numbers, see “The Irvine Market Report: Detached Homes Stats, July 2008” and “Reality Check: Irvine Market Detached+Condo Housing Stats, July 2008.”