Irvine Home Resales with Numbers Dramatically Down in October

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Real Estate Agent with HomeSmart, Evergreen Realty

Irvine at South Orange County housing market for October 2010 shows home resales down 44.3% as compared with same time last year.

Irvine homes sold Oct. 2010 

118 Irvine homes were sold during October 2010.

Average sold price was $603,805, which was $335 per square foot interior. 

Average time on market for those sold homes was 93 days.

 

Irvine housing market update  Irvine sold homes October 2009

212 Irvine homes were sold last year during October 2009.

Average price for those sold homes was $657,228, which was $365 per square foot interior.

The drop in home resales volume from October 2009 to 2010 appears to be dramatic.

Irvine home resales are down

Why such a big drop at Irvine home resales during October 2010?

It's probably due in part to the homebuyer government incentives (credits) ramped up last year and now no longer available.  Lots of short sales are now on the market (197) and few are closing escrow (20).  The Irvine Company is selling new homes again this year, and they had nothing on the market during October 2009.  The Orange County economy remains fragile with unemployment about 10%, which makes buyers nervous.  And it's challenging for buyers to get loans these days.

Current Irvine market shows 806 homes listed for resale, and 197 of those are short listings (24.4% of the market). 

Average asking price of Irvine homes for sale is $923,560.  With such large difference between average asking price at Irvine (at $923,560) and October average sold price (at $603,805), some owner/sellers are stubborn or nostalgic.  some sellers are nostalgic

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This is information from the Southern California Multiple Listing Service on resale of homes listed is believed valid but not verified.  This does not have data for homes sold off the market, or FSBOs, or at trustee sale auctions after foreclosure. 

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855 -    

Our property web sites @ www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  -  www.LiveAtNewportBeach.com - www.NewportCoastLive.com   -  www.CoastLivinghomes.com  -  www.OCHomeValueGuide.comwww.LiveAtIrvine.com  -  www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com -  www.LiveAtLagunaBeach.com

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Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

Beautiful graphs Harrison and our sales are dramatically down in most subdivisions also!

Nov 07, 2010 12:12 PM #1
Rainmaker
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Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Renee .. You're great, and I'll always thank you for showing me how to put together graphs and charts.  I am not much of a techie with that stuff, so passed it along to my wife and partner, Christi, who is now working Excel for our team. 

Nov 08, 2010 01:28 AM #2
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Rainmaker
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Harrison K. Long

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