The Irvine Market Report: January 2008
Last week I took a look at the current housing market trends in Costa Mesa. Today, I will be taking a look at the trends in Irvine.
As stated in “The Costa Mesa Market Report: January 2008,” I will be providing these updates for both Costa Mesa and Irvine on a monthly basis. My intention is to provide an easy way to compare the Irvine and Costa Mesa housing market trends on a monthly basis throughout the new year of 2008.
So here we go with our first look at the 2008 Irvine housing market stats. The Irvine housing market numbers as of January 13, 2008 are as follows:
According to Altos Research, the median price for single-family homes in Irvine on January 13, 2008 is $961,225; the median price per square is about $426.
Note: Here is another reality check for the potential homesellers. According to Trulia, the average sales price for all Irvine homes in October-December 2007 was $767,870. The average listing price for all Irvine homes in the week ending January 2, 2008 was $1,013,363.
In addition to the above information from Trulia, Altos’ current Irvine Market Action Index of 16.11 is another sign that sellers are not being realistic in their asking price. The Market Action Index shows the balance between potential buyers and sellers—in other words, supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. Nothing new here; still a buyers’ market.
As is true for Costa Mesa and so many other communities in Orange County, the Altos Research Days-on-Market chart shows that the time it takes to sell a home in Irvine keeps increasing: Properties in Irvine have been on the market for an average of 94 days. Currently, about 442 properties are on the market in Irvine.
Here are some charts, provide by Altos Research on January 13, 2008, to help you visualize the housing trends in Irvine:
- Median Sales Price: $961,225
- Price Per Square Foot: $426
- Market Action Index: 16.11
- Average Days on Market: 94
- Number on Homes on the Market: 442
