It’s been an extremely exciting year for Irvine real estate, especially for those with Irvine homes for sale or home owners who had been holding off on selling until the housing market picked back up. Because pick back up it has, and the resurgent numbers we’ve seen in Irvine in 2013 are in many cases netting Irvine home owners six figures more than what they could have recouped on a home sale during the recession.
This is a trend that has also continued through the second half of 2013, as Irvine home prices have continued to rise even while the rest of the national market has taken some hits due to mortgage rate increases.
In fact, Irvine home values hit a high point for the year as of an August 9th report for the local market. In the report, California-based real estate tracker Altos Research saw the median list price for Irvine homes at $956,954 for the 90-day average. This was the highest it had been all year, and was only continuing the dramatic upward climb it started around April that has seen the median list price jump nearly $100,000 over that amount of time. The seven-day average median list price for Irvine homes also hit a yearly high in the August 9th report, topping out above $990,000. Both these short-term and long-term averages are fantastic signs that Irvine home values are booming.
Irvine area homes coming off the market fast
Irvine home owners are also most likely pleased at another trend that is making their properties into an even more valuable asset. The average days on market (DOM) for Irvine homes has been dropping steadily since mid-February when it was above 130 to the current DOM of just 71. With Irvine homes seeing almost half the time on the market in comparison with where they were at just half a year ago, this could indicate that homes are being scooped up with increasing rapidity, which could only serve to fuel the Irvine seller’s market.
That said, there are a few buyer-friendly trends to be aware of as well. With that Altos report listing 271 properties for sale in Irvine, that’s a buyer-friendly increase from when the market was at around just 200 in April. This has also affected the area’s market action index, which has been trending toward a buyer’s market for a few months now.