The Irvine Market Report: Detached Home Stats, June 2008

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 June, which are provided by Altos Research, are similar to last month’s numbers and confirm what the Irvine condo+detached homes stat tell us (see tomorrow’s post). In short, the Irvine housing market appears to be in a holding pattern. The median sales price did go up by over $19, 000 from last month’s number; however, the price per square foot went down slightly.

The number of days that a home stayed on the market declined slightly. This is to the sellers’ advantage, but not significantly. The most telling number is the Market Action Index, the number that shows the balance between supply and demand. The Market Action Index lost the slight gain that it made last month and still indicates that the Irvine housing market is firmly a buyers’ market.

Here are the 2008 detached home statistics for Irvine:

• Median Sales Price:
  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

• Price Per Square Foot:
  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

• Market Action Index:
  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

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 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

• Number of Homes on the Market (Inventory):
  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

For more information on May housing activity in Irvine, see tomorrow’s post “Reality Check: Irvine Condo and Detached Home Stats, June 2008.”