What will happen when Irvine CA home buying demand outpaces homes for sale listings?
Irvine CA has already started its prime home selling season – after unofficial kickoff during Super Bowl Sunday on February 6, 2017.
- Irvine now has only 380 homes listed for sale at the multiple listing service (which is not enough to satisfy expected buyer market demand during Feb. and March this year.
- 295 Irvine homes are now “active with buyer purchase contracts” or “pending” in escrow at this time (which is a 7 percent increase in the past two weeks).
- 48 days is average market time for Irvine to theoretically to sell all homes now on the market at current pace of home selling.
- 154 Irvine homes were sold during January 2017.
- $897,757 was average Irvine home sold price.
- 173 Irvine homes were sold during the past 30 days.
- $973,178 was average Irvine home sold price during past 30 days (sold price increase of 8 percent as compared with last month).
- 380 Irvine homes are now listed for sale (which is down 4.5 percent in the past week).
- Such low number of Irvine homes now for sale will be insufficient to satisfy market buyer demand during the next 90 days.
Irvine continues to be the economy powerhouse with booming economy and jobs and is top home selling city at Orange County CA – and has population of about 260,000 people – a robust & growing economy with more jobs than residents who are now over the age of 18.
By Harrison K. Long – REALTOR® and professional real estate representative. Real estate broker – CALBRE #01410855. Honored as “Orange County REALTOR® of the Year 2016” by the Orange County Association of REALTORs®.
Source of information is CRMLS multiple listing service and ReportsOnhousing.com and is for homes represented by all brokers and agents.
Our purpose is to help our friends and real estate clients to be happy with their decisions and the home selling and buying process.
“What Will Happen When Home Buying Demand Outpaces Number of Listings at Irvine CA?”