With some of the best residential neighborhoods and homes at South Orange County, Irvine is located adjacent to Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove. 

____________________

Irvine is famous for its pleasant weather, lots of sunshine, award winning public schools, healthy business climate with good job opportunities, the University of California Irvine, wonderful parks and recreation areas, encouragement for business and development, diverse backgrounds of residents, celebration of freedoms, places for freedom of worship, and one of the safest cities in the United States.

LOCAL HOUSING MARKET REPORT ~  

____________________

• 594 homes were listed for sale here as of May 31, 2009 (down from April of this year and May of 2008)
• Average list price of home at Irvine then was $723,000.
• 262 of the homes listed are SFR detached, and others are attached homes or condos.
• Average time on market for listed homes is 89 days. 
• 141 of the Irvine homes on the MLS are short listings not yet bank approved.
• 15 of the homes active on MLS are REO lender owned (decrease from April and last year).
• 196 Irvine homes were sold with escrow closed during May 2009.
• We have market saturation of 3.29 months of inventory of homes listed (lower than a balance, which is about 4.5 months).
• Average price of sold home during May 2009 was $706,600.
• Average time on market for sold homes was 55 days.
• 22 of the sold homes during May 2009, were REO or lender owned.
• 27 of the sold homes during May 2009, were short listings.
• There were 379 homes under contract, pending sale and in escrow as of May 31. 

379 Irvine homes under contract is an amazing and high number of pendings as compared to only 594 homes listed for sale.   

We need more homes to be listed for a balanced market.

People and investors are buying homes at Irvine.  Investors and smart people continue to make positive decisions about value.  

Information Source for this article:  Southern California Multiple Listing Service.

 _____________________________________

If you want information about Southern California and Orange County homes and properties, please contact us.  Thank you.  Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA. 

www.BuyersExploreHomes.com - www.ExploreTheOC.com