Low Inventory? Really? What Housing Shortage?

The number of active listings in Woodbridge DOUBLED in the last 30 days! Right now, there are 50 Woodbridge homes listed for sale, and 307 properties for sale elsewhere in Irvine.

While we certainly are still in a seller’s market, it is not as extreme as it was a few weeks ago.

Among those active listings are my listings at 11 Snowapple, ($650K), 6 Racing Wind, ($865K), and 14 Shooting Star, ($999K).
     
See more photos & details at www.WoodbridgeHomeSales.com

I'll be listing a single-story 2 bedroom home, (with den), in the Woodbridge Seasons tract, later this evening.

The prices of Woodbridge homes for sale right now, range from $249,900 for a 1 bedroom 908 square foot attached condo at 25 Greenmoor, (standard sale), to $1,999,900 for a 4 bedroom 2,669 square foot detached condo at 12 Waterway, (also a standard sale).          

It’s especially tough for buyers looking for a 3 bedroom Woodbridge home in the “under $500K” price range: only 6 are listed, including that 22 Lakeview short sale that I had blogged about back in 2008. It is STILL available, with an asking price of $450K, down from $589K. The price history prior was $685K, then $649K, $625K, $619K and $599K!

The Lakeview property is an exception. We are still seeing multiple offers being received for Woodbridge properties, within a few days of listing.

What with interest rates continuing to surge last week, (rising above 4.1% for the first time in a year), the demand from homeowners to refinance, has slowed. These higher interest rates also are reducing the buying-power of homebuyers – those that could afford a $600K home now find themselves only able to afford a lower-priced home.

26 Woodbridge homes sold in May 2013, at prices from $348,800, (for a 2 bedroom attached condo at 203 Briarwood), to $1,180,000 for 17 Daybreak, (a 4 bedroom single family home in Landing I). 

30 Woodbridge homes are in escrow, (Pending or Backup Offers status), at a total list price a little over of $18.5 million. It will be interesting to see how many close escrow this month.