Market Conditions in Irvine>Question Details

Chung Young, Home Buyer in Massachusetts

iHow is the real estate market condition in Irvine,ca

Asked by Chung Young, Massachusetts Sun Sep 30, 2007

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6
Homes prices year-to-year have gone down but prices in May have increased since April. Average cost of rental units have also increased for the same time period.
0 votes Thank Flag Link Mon Jun 20, 2011
Irvine like all of Orange County is a strong buyer's market. You can check out market stats here http://www.crystalclearmarket.com/?page_id=45.

An interesting thing has happened in the past few months. The months of remaining inventory has dropped considerably in Orange County. That means less homes coming on the market and more sales are closing.
0 votes Thank Flag Link Sun May 18, 2008
Part of the answer to your question depends on what area of Irvine you are referring to. In general, the home prices have gone down substantially in the past 2 years, thus making Irvine a good buy. There are some areas that are better at holding their value than others. By working with a real estate who specializes in the Irvine market, you can make a smart purchase that will serve you will for years to come.

Good luck with your search for a home in Irvine! If I can be of further assistance, please don't hesitate to contact me directly.

~Amanda Wheeland
Real Estate Broker & Lawyer
Web Reference: http://www.cinch2sell.com
0 votes Thank Flag Link Tue Nov 20, 2007
Hi Chung,

The Orange County Register reports that Orange County has seen its worst home price losses since 1996. You can read the article in the link attached below.

3 out of the 8 Irvine zip codes saw median price increases - those were 92606, 92612, 92614. All others showed varying levels of decline. Please also note that median price is not a great gage of market health as a slow down in lower price home sales coupled with consistent sales in higher price ranges can drive the median higher even as the market for most homes is deteriorating.
0 votes Thank Flag Link Wed Oct 3, 2007
Chung:

In Orange county YTD-Aug., home sales are down 43% . The home prices are flat to up slightly. However, remember that if we were to subtract all of the costal homes in Orange County from these numbers the home values are down over this time last year.

Call Helga Heyda at (949) 861-8000 at Keller Williams of Irvine. Just let her know I ask you to call her and she will help you with all your questions.
0 votes Thank Flag Link Mon Oct 1, 2007
From what I know, the real estate market is about the same all over Southern California. We've had a slow-down, there are many more properties on the market (which gives you much more to choose from). In my area the median priced home has gone up.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sun Sep 30, 2007
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