Taking a closer look at the Irvine, California Housing Market
https://www.cnbc.com/2018/07/24/southern-californi...
After reading an article on the Southern California home sales crash, a warning sign to the nation, I was curious to see of the Irvine housing market was yet effected. Irvine is an affluent city in the heart of Orange County with a rough population of 277,000. This is the data I found.
There are currently 357 Irvine SFRs in the market and 324 Condos/Townhomes on the market.
Irvine Single Family Home Update:
There are 1032 Irvine Single Family Homes 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 Single Family Homes 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.
Irvine Townhome/Condo Update:
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.
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.
Although the SoCal housing market maybe slowing, Irvine's Single values are up 7.6%, but the transaction volume has decreased by 16.64%. Irvine's Townhomes/Condos values are up 10% from last year, but the transaction volume has decreased by 12%. Inventory levels still 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.
Next year would be a good time to reevaluate where prices and transaction volume stand. It seems that prices are still firm in the Irvine SFR market compared to other markets in Orange County.
James Park