Irvine Housing Blog

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Inventory is Dwindling in Irvine Posted: 22 Oct 2012 05:00 AM PDT There are 314 properties listed in Irvine by the MLS now - that is 10.1% below last month’s inventory, and 57.5% below last year’s. The median listing price is $750,000 - that is 3.2% above last month’s median list price, and 36.8% above last year’s. The median sold price has also increased by 6% over last year. Going by the statistics, we have hit the bottom of the Irvine housing market sometimes between late 2011 and early 2012. If inventory continues to slow down like this, and The Irvine Company doesn’t build too many of the new houses, and the job market improves, we might begin the slow recovery process also. Here is the inventory level zipcode-by-zipcode in Irvine, with median price/sf. Neighborhood Median Price/SF Inventory 92602 $355 24 92603 $633 61 92604 $365 23 92606 $347 12 92610 $304 12 92612 $397 50 92614 $371 26 92618 $343 44 92620 $347 58 The zip code with the most inventories is 92603 with 61 properties listed for sale. 92603 is also home of the Turtle Ridge and Turtle Rock communities. Month to month inventory is down by 11% and year to year inventory is down 45%. The most expensive property listed is 50 Blue Heron at $17,750,000. The estimated monthly expenses are around $70,574. The least expensive property listed is 260 Dewdrop at $319,000. The estimated monthly expenses are around $1,345. The zip code with the least inventories is 92606 with 12 properties for sale. It is also home for Walnut, West Park and Columbus Grove villages. Inventory is up by 22%  on month to month basis, and down 44% on year to year basis. The most expensive property listed is 12 Santa Eulalia at $1,099,000. The estimated monthly expenses are around 4,443. The least expensive property listed is 1007 Solvay Aisle at $298,000. The estimated monthly expenses are around $1,265. If those are the statistics of the least and most expensive homes of the villages with least and most inventory, what is most popular in Irvine? Here is one of the popular, in Columbus Grove. 30 Honey Locust  Irvine, CA 92606 Listing Price: $899,00 Price/SF: $314/SF Bedrooms/Bathrooms: 4 Bedrooms/ 3 Bathrooms Area: 2,862 SF Lot Size: 4,892 SF Builders Tract Name: Alexandria Builders Tract Code: ALEX Builders Model Code: 2 Last Sale: August 2006 at $1,000,000  Monthly Expenses: HOA Dues: $183 Monthly Monthly Mortgage: $3,143 Monthly Property tax (1.1501%): $10,340 Annually Mello Roos: $6,245 Annually Estimated total: $4,708 Monthly What do you think? Will the low inventories push the prices higher in Irvine? Did you buy already, or are you planning to buy soon? Comment below, or discuss at Talk Irvine.

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