The Irvine Market Report: February 2008

Recently, we took our monthly look at housing numbers for the Costa Mesa market. This week we will look at the Irvine housing market numbers.

First, a look at some housing market indicator numbers that include both the condo and detached home in Irvine.

Average Listing Price for week ending February 6: $971,094—down 0.2% from previous week
Average Sales Price for Nov 2007-Jan 2008: $797,749—up 12.2% from previous quarter
Median Sales Price for quarter ending Jan 2008: $650,000—up 2.4% from prior quarter
Average Price/SF for quarter ending Jan 2008: $369—down 7.1% from prior quarter

And…

Number of Sales from Nov 2007-Jan 2008: 367
Number of Sales from Aug 2007-Oct 2007: 461
Number of Sales from Nov 2006-Jan 2007: 519

Source: Trulia

I’ll let you draw your own conclusions from these numbers. One observation that I will make is that a large gap between what the homeowners list their homes for and what the homes sell for still exists.


Next the charts and numbers as provided by Altos Research. These numbers and charts show a situation that is similar to what is occurring in Costa Mesa (and I am guessing most of Orange County): All the indicators, except the number of homes on the market, are moving in the buyers’ favor. As I said in “The Costa Mesa Market Report,” I wouldn’t put much significance in this decrease in inventory in Irvine (or Costa Mesa). However, it will be interesting to see what happens with this indicator when I report the March 2008 Irvine and Costa Mesa numbers.

The Altos numbers and charts are for detached homes. On February 17, 2008, the Altos numbers for the Irvine housing indicators were as follows:

• Median Sales Price: $943,718

On January 13, 2008: $961,225

• Price Per Square Foot: $421
  On January 13, 2008: $426

• Market Action Index: 15.86
  On January 13, 2008: 16.11
  

Note: The Market Action Index shows when it is a buyers’ market and when it is a sellers’ market. Below 30 is a buyers’ market; above 30 is a sellers’ market. Another way to think of this number is that it gauges the balance between supply and demand (the number of potential homebuyers versus the number of hopeful homesellers). According to this months Market Action Index, the Irvine housing market continues to go deeper into a buyers’ market.

• Average Days on Market: 103
  On January 13, 2008: 94

• Number on Homes on the Market: 416
  On January 13, 2008: 442

See last month ‘s report: “The Irvine Market Report: January 2008.”