the.irvine
Active member
What you guys think of analysis from Steven Thomas. As per his latest report , current market is slightly favoring sellers.
USCTrojanCPA said:I don't agree, maybe on the low end of the market but I think even then it's more of a neutral market. Overall, it's a weak buyer's market....strong buyer's market on the high end.
Leaf said:USCTrojanCPA said:I don't agree, maybe on the low end of the market but I think even then it's more of a neutral market. Overall, it's a weak buyer's market....strong buyer's market on the high end.
I found this blog which uses data by Steven Thomas: http://jordanbennettonline.com/category/orange-county-housing-reports/
To avoid seasonal impact, we can check the year over year data. From the latest blog, for February 2019,
(1) Active listing: there are 51% more homes than last year.
(2) Demand, the number of pending sales: Last year, there were 2,441 pending sales, 17% more than today.
Year over year, luxury homes (above $1.25 million) demand is down by 70 pending sales, or 20%, and the active luxury listing inventory is up by an
additional 308 homes, or 19%.
So compared to February 2018, the inventory is building up while the demanding is down. But we don't know if the average selling price is up or down.
Leaf said:I found this blog which uses data by Steven Thomas: http://jordanbennettonline.com/category/orange-county-housing-reports/
To avoid seasonal impact, we can check the year over year data. From the latest blog, for February 2019,
(1) Active listing: there are 51% more homes than last year.
(2) Demand, the number of pending sales: Last year, there were 2,441 pending sales, 17% more than today.
Year over year, luxury homes (above $1.25 million) demand is down by 70 pending sales, or 20%, and the active luxury listing inventory is up by an
additional 308 homes, or 19%.
So compared to February 2018, the inventory is building up while the demanding is down. But we don't know if the average selling price is up or down.
Mety said:I don't know. I'm definitely seeing more people visiting open houses compare to end of last year's when there was literally no one visiting. Whenever I would visit just to check out since it was close, the agent or the open house person would keep asking and asking if I was interested since I was the only person there. Surely showed the sign of desperation. Not a good marketing strategy in my opinion since it just makes me want to leave soon. Now, I do see more people coming in and out, but not sure if they are actually buying. And they do not look FCB. For $1.5m - 2m homes, I'm still the only one visiting lol.
curious george said:what do you consider as high end?
irvinehomeowner said:Wow. $1m isn't even considered high-end in Irvine?
Crazy.
irvinehomeowner said:But there is resale with driveways for $1m... I think even less.
Cares said:irvinehomeowner said:Wow. $1m isn't even considered high-end in Irvine?
Crazy.
It honestly isn't. You can't consider something high-end until you have a driveway. $1M isn't buying you new construction with an unshared driveway. Legado has a driveway up front but it is still a shared motorcourt.
Mety said:irvinehomeowner said:But there is resale with driveways for $1m... I think even less.
What year was it built?
I'm not against older homes, but if you have to spend another $100k just to fix things (not upgrading) then that number should be counted as well. If someone is happy with the older style as is then no problemo.