Author Topic: Observations from the front lines of the Irvine housing market…  (Read 286121 times)

Online USCTrojanCPA

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I haven't posted the Irvine data in above 6 months since I've been so swamped with not only trying to get my buyers homes but also listing the most homes I've ever listed in a year.  Attached is the data through Sept 2021 for Irvine which is confirms how strong the market really is.

When I have conversations with my buyers who ask me why there are so few listings on the market I just tell them it's because there is so much demand out there.  It's not a supply problem as there have been almost as many homes listed for sale in Irvine through Sept of this year as there was in all of 2019 or 2020.  In the past 12 months through Sept. 2021 we've had 1,250 more sales (or over 47%) more than 2019.  Another question I get from buyers, is this a bubble and will we prices crash.  My answer to them...it's not going to crash and prices will continue to go higher until there is less demand and more supply of homes on the market.  We currently have less than 1 month of supply of homes on the market because over 90% of listings go into escrow within 7-10 days today with multiple offers. 

The high demand is being driven by several factors including move-up buyers with a ton of equity, first time home buyers, and buyers relocating from LA, the Bay Area, and other higher priced markets due to the work from home flexibility (I've had over a dozen of those buyers in the year myself).  This huge demand has resulted in most all homes getting 5-20+ offers which translated to prices being up about 20% year-over-year as we approach a median price per SF of $600 in Irvine.  Today, we have almost 3x times as many homes in escrow are there are active listings which I have never seen in my 15 years of tracking Irvine real estate.  Until inventory increases significantly, prices will continue to go higher even from today's prices.  Look how much inventory has declined just from June and July, this is why prices keep climbing.
« Last Edit: October 10, 2021, 10:16:14 PM by USCTrojanCPA »
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

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