Irvine Homes and Real Estate

[panda]

There are currently 357 Irvine SFRs in the market and 324 Condos/Townhomes.

Irvine SFR Update:

1032 Irvine SFRs sold in 2018. Inventory for SFRs are currently at 4.15 months and the average PPSF is $487.59. The Irvine SFR median home price is $1,205,750. The highest priced home sold in 2018 is 60 Golden Eagle at $17,000,000 and the lowest priced home sold is $497,000 at 107 Lake pines.

1238 Irvine SFRs sold in 2017. Inventory for SFRs are estimated to be 3.4 months and the average PPSF is $468.79. The Irvine SFR median home price is $1,120,000. The highest priced home sold in 2017 is 76 Golden Eagle at $12,500,000 and the lowest priced home sold is $376,000 at 157 Pine view.

With all that is going on the news of SoCal housing slowing, Irvine's SFRs values are up 7.6%, but the transaction volume has decreased by 16.64%. Next year would be a good time to reevaluate where prices stand. It seems that prices are still firm and strong in the Irvine SFR market, but we need to watch and see if the transaction volume continues to decrease into 2019.

62 Golden Eagle, Irvine. 8 bedroom, 11.5 baths, 30327 sq/ft7 @ $23,947,681. Wow! Not that is what I call a Castle in Irvine.  8)

 

[irvinebullhousing]

Panda, thanks for technologies advancement. It?s seem like you are still livin? and breathin? Irvine air. Next time you in town, let?s meet up for tennis. 

 

[panda]

Compressed Village. Thanks. It seems that deep inside my heart, I still have that love for Irvine which won't go away lol.

You.... know I love playing tennis but now it is getting a little chilly to play in Johns Creek. We are trying to decide between visiting in the in laws in LA or chilling in Miami in December. If we decide on Irvine, let's definitely play singles at the Northwood High School courts.  

Panda, thanks for technologies advancement. It?s seem like you are still livin? and breathin? Irvine air. Next time you in town, let?s meet up for tennis. 

 

[irvinehomeowner]

How low did Shady homes get down to during the crash? Was it less than $2m at one point?

 

[meccos12]

With all that is going on the news of SoCal housing slowing, Irvine's SFRs values are up 7.6%, but the transaction volume has decreased by 16.64%. Next year would be a good time to reevaluate where prices stand. It seems that prices are still firm and strong in the Irvine SFR market, but we need to watch and see if the transaction volume continues to decrease into 2019.

Great post.  I agree with you that in order to better evaluate pricing changes, one should look to price data in the future since this current slowdown will be reflected in future data.  Transaction volume/demand #'s/supply #'s are leading indicators to price.    At this moment, when the slowdown is still relatively early, it does not make sense to gauge pricing change yet, as it is still too early to make any significant determinations.  Like you said, if this downtrend continues into 2019, then looking at price data in the second half of 2019 may shed more light. 

 

[panda]

Irvine Townhome/Condo Update:

Similar story for the Townhome Condo market vs the SFRs.

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

1620 Irvine Townhomes/Condos sold in 2017. Inventory for Townhomes/Condos are estimated to be 2.4 months and the average PPSF is $450.28. The Irvine SFR median home price is $656,944. The highest priced home sold in 2017 is 8120 Scholarship at $2,060,000 and the lowest priced home sold is $240,000 at 292 Streamwood.

Irvine's Townhomes/Condos values are up 10% from last year, but the transaction volume has decreased by 12%. Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

 

[Irvinecommuter]

With all that is going on the news of SoCal housing slowing, Irvine's SFRs values are up 7.6%, but the transaction volume has decreased by 16.64%. Next year would be a good time to reevaluate where prices stand. It seems that prices are still firm and strong in the Irvine SFR market, but we need to watch and see if the transaction volume continues to decrease into 2019.

Great post.  I agree with you that in order to better evaluate pricing changes, one should look to price data in the future since this current slowdown will be reflected in future data.  Transaction volume/demand #'s/supply #'s are leading indicators to price.    At this moment, when the slowdown is still relatively early, it does not make sense to gauge pricing change yet, as it is still too early to make any significant determinations.  Like you said, if this downtrend continues into 2019, then looking at price data in the second half of 2019 may shed more light.

Pretty sure sales will go flat...prices will stay high because no one "needs" to sell.  If they cannot get the right price, they will just hold. 

 

[Kings]

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

okay, i had to see this $7.3m townhome that was sold this year.

https://www.redfin.com/CA/Irvine/118-Walking-Stick-92618/home/147087201

not sure what i expected  :

 

[zubs]

Irvine Townhome/Condo Update:

Similar story for the Townhome Condo market vs the SFRs.

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

1620 Irvine Townhomes/Condos sold in 2017. Inventory for Townhomes/Condos are estimated to be 2.4 months and the average PPSF is $450.28. The Irvine SFR median home price is $656,944. The highest priced home sold in 2017 is 8120 Scholarship at $2,060,000 and the lowest priced home sold is $240,000 at 292 Streamwood.

Irvine's Townhomes/Condos values are up 10% from last year, but the transaction volume has decreased by 12%. Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

Are the 1 year data points
For 2017 - DEC 2016 to NOV 2017
For 2018 - DEC 2017 to NOV 2018

Since DEC 2018 is not over yet...come to think of it, NOV isn't over yet.

 

[panda]

Ha. I was thinking to myself.. that is an insane price for a townhome in Irvine. So 118 Walking Stick sold for $7,350,000 million but Redfin estimates the value as $750,000. This is considered some under the table FCB parents to children transaction or some kind of mistake?

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

okay, i had to see this $7.3m townhome that was sold this year.

https://www.redfin.com/CA/Irvine/118-Walking-Stick-92618/home/147087201

not sure what i expected  :

 

[panda]

Zub, you are correct. I missing just one month of data of December for 2018. This strengthens the position for Irvine homes values as the transaction volume would be slightly less than 16.6% for SFRs and 12 % for Townhomes.

Irvine Townhome/Condo Update:

Similar story for the Townhome Condo market vs the SFRs.

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

1620 Irvine Townhomes/Condos sold in 2017. Inventory for Townhomes/Condos are estimated to be 2.4 months and the average PPSF is $450.28. The Irvine SFR median home price is $656,944. The highest priced home sold in 2017 is 8120 Scholarship at $2,060,000 and the lowest priced home sold is $240,000 at 292 Streamwood.

Irvine's Townhomes/Condos values are up 10% from last year, but the transaction volume has decreased by 12%. Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

Are the 1 year data points
For 2017 - DEC 2016 to NOV 2017
For 2018 - DEC 2017 to NOV 2018

Since DEC 2018 is not over yet...come to think of it, NOV isn't over yet.

 

[mads]

Ha. I was thinking to myself.. that is an insane price for a townhome in Irvine. So 118 Walking Stick sold for $7,350,000 million but Redfin estimates the value as $750,000. This is considered some under the table FCB parents to children transaction or some kind of mistake?

1424 Irvine Townhomes/Condos sold in 2018. Inventory for Townhomes/Condos are currently at 2.73 months and the average PPSF is $486.33. The Irvine Townhomes/Condos median price is $725,500. The highest priced home sold in 2018 is 118 Walking Stick at $7,350,000 and the lowest priced home sold is $77,000 at 41 Sorenson.

okay, i had to see this $7.3m townhome that was sold this year.

https://www.redfin.com/CA/Irvine/118-Walking-Stick-92618/home/147087201

not sure what i expected  :

sounds more like a case of misplaced decimals. similarly, for 41 Sorenson that apparently went for 77k from the above list and is now back as a short sale for just under 1 mil. Also is an SFR, not a condo. Faulty MLS data?https://www.redfin.com/CA/Irvine/41-Sorenson-92602/home/5814584

 

[mads]

Irvine Townhome/Condo Update:
Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

One possible reason is that most condos are priced within reach of a higher number of buyers, including first timers and investors

 

[panda]

Yes, it appears that the Irvine Condos/Townhomes in the $750ish are the ultimate recession hedge if things get really bad in the OC housing market. We need to watch the high end in SFR Irvine ( $1.5M +) going into 2019 as the leading indicator of a slowdown.

If you own either a townhome or a condo in Irvine, give yourself a high five and a pat yourself in the back!

Irvine Townhome/Condo Update:
Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

One possible reason is that most condos are priced within reach of a higher number of buyers, including first timers and investors

 

[irvinehomeowner]

If you own either a townhome or a condo in Irvine, give yourself a high five and a pat yourself in the back!

Whoah... easy now.

There are certain attached condos I wouldn't be high fiving over.

 

[usctrojancpa]

Yes, it appears that the Irvine Condos/Townhomes in the $750ish are the ultimate recession hedge if things get really bad in the OC housing market. We need to watch the high end in SFR Irvine ( $1.5M +) going into 2019 as the leading indicator of a slowdown.

If you own either a townhome or a condo in Irvine, give yourself a high five and a pat yourself in the back!

Irvine Townhome/Condo Update:
Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.

One possible reason is that most condos are priced within reach of a higher number of buyers, including first timers and investors

The $700-$800k price range is the sweet spot of the market for 3-bedroom attached condos.  There still isn't a whole lot of inventory in the price range and there are many qualified buyers who can purchase in that price range. 

 

[panda]

Irvine SFR Update: Data pulled from 11/30/2017 - 11/30/2018. This should be a good estimate for 1/1/2018-12/31/2018 Data to compare to 2017 1/1/2017-12/31/2017.

1142 Irvine SFRs sold between 11/30/2017-11/30/2018. Inventory for SFRs are currently at 4.15 months and the average PPSF is $487.59. The Irvine SFR median home price is $1,200,000. The highest priced home sold in 2018 is 60 Golden Eagle at $17,000,000 and the lowest priced home sold is $497,000 at 107 Lake pines.

1238 Irvine SFRs sold in 2017. Inventory for SFRs are estimated to be 3.4 months and the average PPSF is $468.79. The Irvine SFR median home price is $1,120,000. The highest priced home sold in 2017 is 76 Golden Eagle at $12,500,000 and the lowest priced home sold is $376,000 at 157 Pine view.

The median discount from asking price is 1.73% which is pretty amazing. In 2018, it takes 23.5 for a median Irvine SFR to sell. The quickest sale in 2018 was listed and sold on the same day - 216 Bancroft, and the longest sale in 2018 took 320 days to sell (22 Jewel Flower). With this new data, the transaction volume has only dropped from 1238 to 1142 which is only a drop of 7.7%, significantly lower than the average transaction decrease in Orange County.

The oldest Irvine SFR sold in 2018 was built in 1965 and the median age is built in 1998, which is the same median age of home in Johns Creek.


I think the theory that Irvine home values will decrease less than the surrounding housing markets in OC during the downturn are true. If pulled this data in other housing markets like Santa Ana or La Habra, it will show me a very different picture.

 

[irvinehomeowner]

I think the theory that Irvine home values will decrease less than the surrounding housing markets in OC during the downturn are true. If pulled this data in other housing markets like Santa Ana or La Habra, it will show me a very different picture.

Incontheevable!

 

[zubs]

GIF your posts? 

 

[irvinehomeowner]

GIF your posts? 

I want people to figure it out.

Prepare to die.