According to Altos Research, Irvine’s single-family homes have a Market Action Index of 21.70, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home has been on the market for about 128 days as of July 20, 2012.
Median Price of Single-family Homes in Irvine
According to Redfin, 251 houses were on the Irvine market in June, and 202 condos were on the market. Following is more data from Redfin on Irvine’s June 2012 housing market:
| Type | List Price/# Homes Listed | Sold Price/# Homes Sold | List Per SF | Sold Per SF | % Chg Y-O-Y Sold Price/SF |
| Houses | |||||
| 12-Jun | $890K/251 | $735K/103 | $384 | $356 | 5% |
| Condos | |||||
| 12-Jun | $498K/202 | $430K/152 | $336 | $313 | -1.30% |
| All | |||||
| 12-Jun | $720K/456 | $515K/257 | $363 | $327 | 0.9%* |
*The May price per square foot was down 4.6%.
The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.
I find it interesting that the number of houses on the market exceed the number of condos on the market—something that was not true in the not so distant past. Also, in spite of some anecdotes of homes in Irvine going for over list price, these charts and graphs show that the median selling price of homes in Irvine is still below the median asking (listed) price.
If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers – July 2012 Update.”
Discuss below or on Talk Irvine.
Very interesting stats!
The problem with single family homes in Irvine — especially under $1M — is that so many of them are attached. It’s even hard to sort through sites like Redfin to determine attached vs. detached in Irvine (I don’t know why they don’t make it easier for users…).
Funny thing is, detached in some areas of Irvine are going for around the same price as attached. In my opinion, some of these detached SFR are the bargain of the century. For example, some areas of Woodbridge (e.g. Cottage Homes) have an occasional detached SFR up for sale in the $600k range, where attached and condos nearby of similar size are in the same price range! And they offer the same full amenities of Woodbridge as a condo, with a fraction of the HOA costs…
Generally, detached SFR are worth at least a 15-20% premium, so I would say those are ridiculously underpriced right now.
As condo inventory dwindles even lower, I think we’ll see many of those buyers trickle over into the most affordable Irvine SFRs, causing major price increases in the next year especially for $500k-$750k SFRs. It’ll be interesting to see these same charts in a year from now.
Yes, it will be interesting to see what the stats say in a year. Thanks for sharing your observations.
Also, your point about detached and attached homes is important to keep in mind.
Thanks for highlighting that.