The Irvine Market Report: Detached Home Stats, July 2008

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

• 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

• 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

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

• 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

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