Irvine CA home selling market continues to be solid with buyer demand.
The average Irvine home for sale list price has now topped $1,000,000 (which is well above the average resold price).
Irvine has 531 homes now listed for resale with average asking price of $1,002,604.
95 of those Irvine homes listed are short sales – 27 of those listed are REOs – So 23 percent of current Irvine listings are distressed properties.
Realtors and brokers resold 2,201 Irvine homes last year during 2011 – average of 183 sold per month – with average sold price of $638,742.
- 443 of those sold homes last year were short sales (20 percent of market)
- 218 of those sold homes were REO lender owned after foreclosures (10 percent of market).
121 Irvine homes were resold last month during February 2012
- Average resold price for these Irvine homes during February was $565,107.
- Average market time for these resales during February 2012 was 116 days.
Since there are 5310 Irvine homes now listed for resale and 121 sold during January, it would theoretically take 4.3 months to sell all homes now listed at this rate. Irvine home resale market is balanced – not favoring buyers or sellers.
Buyer demand is solid for Irvine homes – Irvine remains the economy powerhouse at Orange County CA – with more jobs for employees than any other city of it size (more than 200,000 people) in Southern California.
Source of some information is CRMLS, does not include FSBOs, trustee auctions sales or new homes, and does include homes listed and sold by all brokers and agents.
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