Irvine, California, a city in Orange County with population of about 210,000 people, is a central economy engine in the county with location for the University of California Irvine, and home offices to Broadcom, Blizzard Entertainment, William Lyon Homes, The Irvine Comany, and many others.
Irvine has lovely residential villages where you will find all kinds of properties, apartments, condos, luxury estates, and well maintained neighborhoods with single family detached homes. Many of Irvine’s village areas are in high demand and where people want to live. The fantastic Southern California weather, cool Pacific Ocean breezes, are more reasons that people are choosing to move to and live in Irvine.
Current housing market stats for Irvine show that there are 548 homes active for sale. Irvine has 446 homes now in pending status (meaning under contract or in escrow). That’s a very large number of pendings as compared to those active for sale and shows a robust buying market.
156 Irvine homes were sold during the past 30 days. Market time saturation at Irvine is about 3.5 months ~ which is the amount of time it will take current market to sell all Irvine active homes assuming no new homes come onto the market.
Because of active homebuying going on, and that balanced market saturation is about 5 months, Irvine continues its trend toward being a sellers market.
We see at Irvine ~ Big demand for homes below $700K. The market is even hotter for homes under $500K and some getting multiple offers. Homebuyer demand is because people want to buy homes at Irvine, the summer buying season, tax incentives for first time buyers, lower asking prices than the peak two years ago, and continued good interest rates on home loans.
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Contact us if you have questions about Irvine homes and local real estate markets. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.
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