Irvine CA Real Estate - Market Needs More Listings & Favors Sellers - April 2012

Irvine CA real estate has sustained a huge drop in homes for sale listing inventory.

Irvine buyers now have more competition, and it's harder for them in this market.

Irvine now has 480 homes listed for sale - as of April 15, 2012 - compared with 790 listed for resale same time last year during 2011.

See my prior article about Irvine CA real estate from last year - Irvine CA real estate home selling market - April 22, 2011.

So 50.7 percent fewer Irvine homes are listed for sale this year 2012 as compared with same time last year 2011.

Average list price of Irvine homes is now about $1.1 million.

243 of the 481 Irvine homes (about 50 percent) now listed were built after 2000 - during the past 12 years.

• Average list price on those Irvine homes listed and built after 2000 - is $1.400,750.
• Average list price on those Irvine homes listed and built before 2000 - is $700,383.

74 of the Irvine homes now listed are short sales - 15.4 percent of Irvine market - as compared with more than 25 percent short sales listed at Orange County CA real estate.

275 Irvine properties went under purchase contract during the past 30 days - according to CRMLS - there are now 280 Irvine homes in backup on MLS - and another 288 under pending status - so 566 Irvine homes are now listed as under purchase contracts.

Average market time to theoretically sell all Irvine homes at this rate is 1.75 months - short market time favoring sellers (as compared with 2.9 months average market time one year ago April 2011).

Irvine CA real estate market has lots of buyers and not enough sellers.

Irvine CA current home selling market pressure favors sellers - people who want to sell their properties should get them ready and on the market now as soon as possible to capture buyer interest.

Home owner/sellers at Irvine need to understand - current 4 percent purchase money loan rates has brought more buyers into the market - those amazingly low loan rates aren't here to stay - when rates go up - number of buyers will decrease, and it will be more challenging to sell your property. 

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Information here is from CRMLS and ReportsOnhousing.com by Steven Thomas - is for information only and not the providing of legal or tax services.  

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage - 949-854-7747 (phone) –ExploreProperties@gmail.com (email) - CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® - now serving as a director at California Association of REALTORs® - attorney member of California State Bar association #69137