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 , Irvine remains a very desirable and therefore, appreciating city in Orange County. The city is well managed and attracts many local and international buyers keeping prices up for now and the foreseeable future.
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