usctrojancpa
Well-known member
Ok Irvine RE market sports fan, here's the current summary of the Irvine real estate market. There were 169 sales in November in Irvine. That is up significantly from 77 last year when all hell was breaking loose in the credit markets and the stock market. Inventory levels continue to decline and have been below 500 for the past 2+ months (less than 3 months worth of inventory). As today, the number of properties that show as active is 464. As you guys can see, the number of sales dropped off from October (212) but my sense is that was due to the lack of inventory on the market and people trying to close before the home buyer tax credit was set to expire (before it was extended).
Now for some first hand experience to give you guys an idea of how much of a seller's market it is out there in Irvine. There was a 2,000sf home in West Irvine listed (regular sale) in Irvine last week at 10am with a price around comps. After having talked to one of my buyers, we submitted an offer to the listing agent by 5pm that same day (property was not available to see viewed until Saturday). So I called the listing agent to let her know I emailed her the offer and she told me that she had gotten 4 other offers already (remember, no one got to see this property inside). This says that there are more buyers than properties available for these buyers...a strong seller's market.
Now for some first hand experience to give you guys an idea of how much of a seller's market it is out there in Irvine. There was a 2,000sf home in West Irvine listed (regular sale) in Irvine last week at 10am with a price around comps. After having talked to one of my buyers, we submitted an offer to the listing agent by 5pm that same day (property was not available to see viewed until Saturday). So I called the listing agent to let her know I emailed her the offer and she told me that she had gotten 4 other offers already (remember, no one got to see this property inside). This says that there are more buyers than properties available for these buyers...a strong seller's market.